Welcome to our dedicated page for ENGlobal news (Ticker: ENG), a resource for investors and traders seeking the latest updates and insights on ENGlobal stock.
ENGlobal Corp (NASDAQ: ENG) is an engineering and professional services firm, founded in 1985, that primarily serves the energy industry globally. The company operates through two main segments: Commercial and Government Services.
The Commercial segment offers a wide array of services including engineering, design, fabrication, construction management, and integration of automated control systems. This segment is pivotal in delivering advanced automation solutions that cater to the upstream, midstream, downstream, pulp and paper, and alternative energy markets.
The Government Services segment, on the other hand, focuses on engineering, design, installation, operations, and maintenance of various government facilities. This segment specializes in turnkey automation and instrumentation systems for the U.S. Defense industry, providing critical support to government-related projects.
ENGlobal is committed to its core values of health, safety, environmental responsibility, integrity, accountability, teamwork, and communication. With a vision to become the preferred provider of innovative automation integration services and select EPCM (engineering, procurement, construction management) projects, ENGlobal continues to evolve and adapt to meet the dynamic needs of the energy sector.
Recent achievements include the repayment of its credit facility with Pacific Western Business Finance and the entry into a new credit agreement with Alliance 2000, Ltd. This strategic move is part of ENGlobal's ongoing efforts to reposition the company financially and operationally. Moreover, the company has streamlined its engineering assets to focus on middle-market projects across the energy value chain and has made significant reductions in payroll and overhead costs to improve profitability.
ENGlobal’s latest operational updates show an emphasis on full-service engineering, automation project work, and enhanced procurement and fabrication capabilities. Despite challenges, the company has maintained a strong project backlog and continues to secure new business opportunities.
As of the latest updates, ENGlobal has shown a steady trajectory towards financial recovery, with efforts in place to improve margins, control overhead, and regain profitability. The company remains committed to delivering high-quality engineering project solutions to both its commercial and government clients.
ENG (NASDAQ:ENG) held its 2022 annual stockholders' meeting in Houston, representing approximately 61% of its total common stock. An overwhelming majority of shareholders voted in favor of electing five directors for a one-year term. Specifically, 94% supported the election of William A. Coskey, P.E., Mark A. Hess, Lloyd G. Kirchner, Christopher D. Sorrells, and Kevin M. Palma. Additionally, 98% ratified the appointment of Moss Adams for the fiscal year 2022, while 99% approved a 'say-on-pay' advisory vote regarding executive compensation.
ENG (NASDAQ:ENG) has announced the acquisition of Calvert Group Belgium and its exclusive license for patented gas-to-liquid (GTL) technology, aimed at converting flare gas and stranded gas into synthetic liquids like crude oil and diesel. Recognized by the World Bank, this technology requires no pre-treatment, is low power consuming, and is designed for modular installation. ENG anticipates constructing over 50 GTL plants per year, enhancing environmental sustainability and providing cost-effective solutions for energy companies facing gas flaring issues.
HOUSTON, TX / ACCESSWIRE / May 4, 2022 / ENGlobal (NASDAQ:ENG) will host a conference call on May 5, 2022, at 9:00 am Eastern to discuss its Q1 2022 financial results, announced earlier that day at 8:00 am. CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will provide updates on potential contract awards and the growth outlook for the year. Interested participants can join the call via toll-free number or online at the provided link. Replay options will be available post-event. ENGlobal offers project solutions for both renewable and traditional energy sectors.
ENG (NASDAQ:ENG) has secured a contract exceeding $1 million from a midwestern public school district to implement a SCADA system. This system will enhance security by enabling centralized monitoring of alarm alerts across approximately 100 sites within the district. The project aims to upgrade existing security and fire systems, reflecting the company's commitment to safety. ENG views this as an opportunity to expand its SCADA model beyond its traditional hydrocarbon focus, potentially aiding various school districts nationwide.
ENG (NASDAQ:ENG), a provider of project delivery solutions for the energy sector, is set to announce its Q1 2022 financial results on May 5, 2022, at 8:00 am ET. A conference call will follow at 9:00 am ET, featuring CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind discussing the results, potential contract awards, and growth outlook for the year. Interested parties can join via phone or online. A replay will be available post-event. For more information about the company's operations, visit www.englobal.com.
ENG (NASDAQ:ENG) announced updates on its renewable diesel and sustainable aviation fuel plant project, originally revealed on February 22. Utilizing a modular execution strategy, the plant aims to produce approximately 100 million gallons per year from renewable feedstocks, benefiting clients with reduced timelines and costs. Completion is expected within 24 months of final investment decision (FID). This project builds upon ENG's experience from a previous similar project and has an anticipated scope exceeding $100 million.
ENG (NASDAQ:ENG) has announced a new contract awarded to its subsidiary, ENGlobal Government Services, by the Defense Logistics Agency (DLA) to enhance Automated Fuel Handling Equipment at two major U.S. military bases. The contract, valued at over $2.5 million, will commence in May 2022 and last approximately 15 months. The upgrades include advanced control systems for real-time data acquisition and inventory management. EGS has served the U.S. military for 17 years, covering over 150 locations.
ENG (NASDAQ:ENG), a leader in project delivery for the energy sector, reported a net loss of $5.7 million for 2021, marking a significant decline from a $625,000 loss in 2020. Revenue dropped to $36.4 million from $64.4 million, largely due to COVID-19 impacts and the non-renewal of major projects. Despite the setbacks, ENG’s cash position improved to $19.2 million, up from $13.7 million in 2020. Management projects a potential turnaround in 2022, citing increased customer engagement and several new contracts, including a $4.4 million extension with the U.S. Defense Logistics Agency.
ENG (NASDAQ:ENG) will host a conference call on March 10, 2022, at 9:00 AM Eastern time to discuss its 2021 year-end financial results, which will be announced at 8:00 AM. CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind will highlight the company's performance and future growth outlook for 2022. Interested parties can join by phone or via a live Internet broadcast. A replay will be available until March 17, 2022. ENG provides project solutions for renewable and traditional energy sectors, operating in both Commercial and Government Services segments.
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