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.
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.
HOUSTON, TX / ACCESSWIRE / August 27, 2021 / ENGlobal's (NASDAQ:ENG) annual stockholders' meeting took place recently, with about 58% of its total common stock represented. Approximately 99% of the votes supported the election of Board members: William A. Coskey, Mark A. Hess, Lloyd G. Kirchner, Christopher D. Sorrells, and Kevin M. Palma, along with the approval of the 2021 Long Term Incentive Plan and the appointment of Moss Adams for fiscal year 2021.
ENGlobal Corporation (NASDAQ:ENG) reported a major strategic transformation but faced significant challenges in Q2 2021. The company posted a net loss of $4.26 million, or $(0.14) per share, on revenues of $11.08 million, down from $17.88 million in the same period last year. Key moves included six new hires, a rebranding effort, and raising $19 million through a direct offering, leading to $29 million cash on hand. However, revenue decline was attributed to COVID-19 delays, resulting in a reduced gross margin of 0.7%. CEO Mark A. Hess anticipates improved results as the energy sector recovers.
ENGlobal (NASDAQ:ENG) announced a rebranding with a new logo and website to reflect its strategic shift towards providing vertically integrated project solutions for both traditional energy and renewables. The updated website, www.ENGlobal.com, details the company's comprehensive services including Project Management, Engineering, and more. CEO Mark Hess stated the changes will serve as an effective marketing tool, enhancing customer service across industries such as Automation, Oil, Gas, and Renewables.
ENGlobal (NASDAQ:ENG) will host a conference call on August 5, 2021, at 9:00 am ET to discuss its Q2 2021 financial results, which will be announced at 8:00 am ET. The call will feature CEO Mark Hess, CFO Darren Spriggs, and President Roger Westerlind, covering key highlights, updates on potential contract awards, and the company’s growth outlook. Interested participants can join via toll-free numbers or stream it online. The replay will be available post-call until August 12, 2021.
ENGlobal Corporation (NASDAQ:ENG) has announced its selection for inclusion in the Russell Microcap® Index, effective June 25, 2021, following the annual reconstitution of Russell indexes. This inclusion is anticipated to enhance investor awareness and support the company's growth prospects. The Russell Microcap® Index serves as a benchmark for approximately $10.6 trillion in assets. ENGlobal operates in the renewable and traditional energy sectors, providing comprehensive project solutions.
ENGlobal Corporation (NASDAQ:ENG) has successfully delivered the final process module for a hydrogen production unit in Hugoton, Kansas, intended for a renewable diesel facility with a capacity of 6,500 barrels per day. This project features innovative HTCRTM technology, enhancing efficiency and reducing carbon intensity.
ENGlobal's services included engineering and automation over an 18-month period. The company is now pursuing new green energy projects, with potential revenues ranging from $20 million to $120 million, while anticipating a resurgence in its traditional oil and gas segment.
ENGlobal Corporation (NASDAQ:ENG) has entered into a securities purchase agreement for the sale of 7,142,859 shares of common stock at $2.80 per share, raising approximately $20 million. This registered direct offering complies with Nasdaq rules and is expected to close by June 4, 2021, pending customary conditions. The offering is made under an effective shelf registration statement with the SEC. A.G.P./Alliance Global Partners acts as the sole placement agent for this transaction.
ENGlobal Corporation (NASDAQ: ENG) reported a net income of $46,000, or $0.00 per share, for Q1 2021, down from $1,101,000, or $0.04 per share, in Q1 2020. Revenue fell to $12.45 million from $19.26 million due to reduced capital spending by clients amid COVID-19 impacts. Despite these challenges, CEO Mark A. Hess expressed optimism for improved performance as pandemic conditions ease and renewed business development efforts take hold. Gross profit decreased significantly, indicating ongoing economic strain.
ENGlobal (NASDAQ:ENG) will host a conference call on May 6, 2021, at 9:00 AM ET to discuss its Q1 2021 financial results, announced earlier that day at 8:00 AM ET. Key executives, including CEO Mark Hess and CFO Darren Spriggs, will review the company’s performance and provide updates on potential contracts and growth forecasts. The call can be accessed via phone or through a live Internet broadcast. Additionally, a recording will be available after the call until May 13, 2021. More details are available on ENGlobal's investor website.
FAQ
What is the current stock price of ENGlobal (ENG)?
What is the market cap of ENGlobal (ENG)?
What are the main business segments of ENGlobal?
What services does the Commercial segment of ENGlobal provide?
What does the Government Services segment focus on?
When was ENGlobal founded?
What are ENGlobal's core values?
What recent financial move has ENGlobal made?
What is ENGlobal's vision?
How has ENGlobal streamlined its operations recently?
What markets does ENGlobal serve?
Where can more information about ENGlobal be found?
