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) has announced the expansion of its operations into the Permian Basin, Texas, driven by increased client demand for its engineering, procurement, construction, and fabrication services. Based in Monahans, Texas, ENG will leverage local businesses and its facilities in Houston and Henderson to deliver comprehensive project solutions. This move aims to enhance safety and quality in service execution while broadening its client base in a competitive market. The company has also implemented automation upgrades to ensure efficiency and cost-effectiveness.
ENG (NASDAQ:ENG) has been selected to provide engineering, procurement, and construction (EPC) services for a renewable fuels plant aimed at producing 100 million gallons annually of sustainable aviation fuel and renewable diesel by 2024. This project enhances ENG's portfolio in renewables, following the successful launch of a modular hydrogen facility. The plant will utilize advanced technologies from Haldor Topsoe to achieve a low carbon footprint. This milestone reflects ENG's strategic efforts to expand its capabilities in the renewable energy sector.
ENG (NASDAQ:ENG) has received purchase orders totaling $2.2 million for the construction of 120 parking lot security trailers. These trailers will enhance electronic surveillance for increased safety and will be fabricated in Henderson, Texas, with assembly in Houston. Production will commence this month, with a commitment to deliver a minimum of 10 trailers per month, aiming for full delivery by year-end. Last year, ENG delivered 50 trailers generating $950,000 in revenue. This contract is viewed as a sign of a potential turnaround for the company.
ENG (NASDAQ:ENG) has secured a $4.4 million contract extension from the Defense Logistics Agency (DLA) to provide support for Automated Fuel Handling Equipment (AFHE) at a confidential facility. This contract includes eleven monthly release orders, each valued at approximately $400,000, with a total of about $1.6 million issued through April 2022. ENG has provided fueling system solutions to the U.S. military for 17 years, operating at over 150 locations and expanding services for federal and state clients.
ENG (NASDAQ:ENG) has appointed Mr. Lonnie Smith as the new Vice President of Major EPC Projects, focusing on enhancing EPC initiatives in both hydrocarbon and renewable energy sectors. Mr. Smith brings almost 30 years of varied energy industry experience, previously leading executive operations at REF-CHEM LP and project development at Wood Group Mustang. ENG's executives believe his extensive industry relationships and leadership will drive growth in their EPC division, aligning with their current positive market trends.
ENG (NASDAQ: ENG) reported a third-quarter net income of $2.4 million ($0.07 per share) for the period ending September 25, 2021, a turnaround from a net loss of $1.1 million ($0.04 per share) in the same quarter last year. Revenue fell to $5.9 million, down from $15.7 million, primarily due to COVID-related project non-renewals and delays. However, the net income improvement was aided by $6.4 million in other income, including $5 million from PPP loan forgiveness. For the nine months, net losses totaled $1.8 million on revenue of $29.4 million. Despite challenges, ENG anticipates growth from new services and partnerships.
ENGlobal (NASDAQ:ENG) will host a conference call on November 4, 2021, at 9:00 AM Eastern time to discuss its third-quarter 2021 financial results, releasing results at 8:00 AM the same day. Participants can join by calling 888-506-0062 toll-free domestically or 973-528-0011 internationally, using entry code 220367. The call will also be available for streaming online. A replay will be accessible until November 11, 2021, for those who cannot attend the live session.
ENG (NASDAQ:ENG) announced a collaboration with a leading technology university to develop a prototype CO2 sequestration reactor. This reactor aims to capture carbon dioxide produced during energy generation and industrial processes. ENG will leverage its expertise in carbon capture for the reactor's design and construction, having already initiated the design phase. CEO Mark A. Hess emphasized the project's significance in combating climate change and its potential for revenue growth. This announcement follows ENG's recent expansion to include on-site construction services.
ENG (NASDAQ:ENG) has expanded its client services by adding self-performing on-site construction capabilities, transitioning from an engineering services company to a complete engineering, procurement, and construction (EPC) provider. This shift is expected to enhance ENG's project scope and boost revenue. CEO Mark A. Hess announced that the company is already implementing this service in East Houston, Texas. Additionally, Johnny Hemphill has been hired as construction manager to oversee and expand on-site construction projects, aiming to improve overall profitability.
ENGlobal (NASDAQ:ENG) will announce its Q3 2021 financial results on November 4, 2021, at 8:00 am ET. Following the announcement, a conference call will be held at 9:00 am ET, featuring CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind. They will discuss company highlights, updates on potential contract awards, and the growth outlook for the remainder of the year. Interested participants can join via telephone or online. For more information about the company, visit www.ENGlobal.com.
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