Contractor Financials
BLACK BOX—Q3/FY10 ended Dec. 26, 2009 with revenues of $253 million,
down 3% from the year-earlier quarter. Revenues for the nine months ending that
date were $721 million, down 5%. From Terry Blakemore, president/CEO: In the
quarter, “we achieved sequential organic revenue growth and solid operational
cash flow, increased our…technical capabilities through a strategic acquisition,
and expanded our served market through our new distribution agreement with Avaya.”
In other news: Black Box was certified as a Platinum-level channel
partner for Avaya (highest level within the Avaya channel partner program).
The company was also recognized for excellence in U.S. customer satisfaction
by Cisco Systems. And the company settled two stockholder lawsuits originally
filed against the company in November 2006 “related to certain stock options
issued during the period 1996-2002 and related matters.”
DYCOM—Q2/FY10 ended Jan. 23 here with first-half contract revenues of
$475 million, down 18% from one year earlier.
EMCOR GROUP—revenues for calendar 2009 were $5.55 billion, down 18.3%
from 2008. Q4 revenues of $1.36 billion (down 19%). The company’s contract backlog
was down $850 million, to $3.15 billion, compared with Dec. 31, 2008—blamed
on “reduced contract awards in the hospitality and gaming and commercial sectors,
partially offset by backlog growth” in healthcare and institutional work.
From Frank MacInnis, chairman/CEO: “Our focus will continue to be on execution
and cost management as well as bidding discipline. This bidding discipline
may affect backlog growth and earnings power in the near-term, but will enable
us to retain capacity necessary to commit quickly to projects with more compelling
economics when market conditions inevitability improve.”
Separately, EMCOR said it had acquired Scalise Industries, Lawrence,
Pa., with the price face down. The acquired company is said to be a “full-service
engineering and facilities maintenance and service company, providing expertise
in mechanical and electrical services, system commissioning, and fire protection
services.” 2009 sales: $70 million.
INTEGRATED ELECTRICAL SERVICES—Q1/FY10 ended Dec. 31, 2009 with $120.2
million in revenues, down 30.6% from a year earlier. “We continue to face ongoing
weakness in some end-markets and [to] experience volume pressure,” said Michael
Caliel, president/CEO. Residential segment revenues ($29 million) declined 36%;
commercial & industrial gross ($91 million) fell by 28.6%.
Also: The company won the ABC National Safety Excellence Award, one
of only 23 winners of a Merit award (ABC has 25,000 contractor members).
MASTEC—revenue rose in 2009 to $1.6 billion, up 18%. Q4 (ended Dec.
31, 2009) was $496 million, up 19.3%. The company in 2009 acquired Precision
Pipeline. “Spending for domestic energy, in both natural gas and renewables,
is expected to increase,” said Jose Mas, CEO, “as is wireless infrastructure
spending by our infrastructure customers. MasTec has never been in a better
position.”
MISCOR GROUP—the company on Feb. 9 said it had sold off Martell Electric
(to John Martell, who is president/CEO of Miscor) and Ideal Consolidated. Late
in 2009, it sold off its AMP Montreal business unit. Additionally, the company’s
headquarters is being moved from South Bend, Ind., to Masillion, Ohio (where
Magnetech Industrial Services is located). Martell will remain in place as CEO
while MISCOR looks for a new chief exec.
PIKE ELECTRIC—Q2/FY10 ended Dec. 31, 2009, with six-month revenues down
20.5%, to $262.4 million. While substation and transmission revenues increased
in both of FY10’s quarters so far, distribution revenues were lower—blamed on
the economic slowdown “and the continued distribution maintenance deferral by
many of our customers.”
QUANTA SERVICES—2009 ended with Q4 revenues of $985 million (up almost
7%), but this year’s Q4 included the results of Price Gregory, the pipeline
firm recently acquired. For the 12-month period, revenues of $3.32 billion were
down 12.2%. For 2010, Quanta said it expected revenues of $3.9 billion to $4.2
billion. From John Colson, chairman/CEO: “During these difficult times…we have
continued our strategy of not pursuing low-margin work.”
Market feedback—prices as of Feb. 26 (and Dec. 31, 2009), from
Yahoo! Finance, for the companies named above:
- Black Box: $28.93 ($28.34)
- Dycom: $9.03 ($8.03).
- EMCOR: $23.02 ($26.90)
- IES: December price n/a.
- MasTec: $13.24 ($12.50)
- MISCOR: $.44 ($0.44)
- Pike: $8.42 ($9.28)
- Quanta: $19.00 ($20.84)
For comparison, the S&P 500 index had fallen 0.95% from Dec. 31, 2009 to
Feb. 26.
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