Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$PWR 1Q15 10-Q: In 2Q15, completed 2 acquisitions. Aggregate consideration paid or payable was approx. $25.4MM in cash, subject to net working capital & other adjustments. On April 29, 2015, entered into a definitive agreement to sell fiber optic licensing operations for a purchase price of approx. $1Bil in cash, subject to limited adjustments.
$PWR said it was selected by $AEP to provide engineering, procurement and construction (EPC) solutions for the Wind Catcher Generation Tie Line. $PWR will provide turnkey EPC services for the entire project and estimates that up to 1,000 people could be working on the project in Oklahoma, supported by technical and engineering operations in Texas.
$PWR's BoD authorized it to repurchase up to $300MM in shares of its outstanding common stock through June 30, 2020. The new repurchase program may be implemented through open market repurchases or privately negotiated transactions, at management's discretion.
Houston, Texas-based company $PWR reported an increase in 1Q17 earnings, helped by higher revenues. Net income rose to $483MM, or $0.31 per share, compared to net income of $20.5MM, or $0.13 per share during 1Q16. Net revenues during the quarter rose 27.4% YoY to $2.18Bil from $1.71Bil. Excluding items, $PWR earned $0.39 per share.
$PWR expects 2017 revenue of $7.9-8.5Bil, EPS from continuing operations of $1.52-1.77, and adjusted EPS from continuing operations of $1.80-2.05. $PWR's outlook reflects management's effort to properly align uncertainties with the backlog that $PWR is executing on and the opportunities that are expected to materialize during 2017.
$PWR swung to a 4Q16 profit from a loss last year, driven by lower asset impairment charges. Net income was $87.58MM or $0.57 per share compared to a loss of $5.07MM or $0.03 per share last year. Revenue grew to $2.1Bil from $1.9Bil. Adjusted EPS increased to $0.56 from $0.30.
$PWR said it began construction of a large natural gas pipeline project in the Southeast US and expects to complete in 1H17. The company also expects to start construction of another pipeline project in early FY17. $PWR now constructs 10 large diameter pipeline spreads across North America and Australia.
$PWR's Electric Power segment revenues increased about 3% in 3Q16, helped by sound execution of base electric power business. Oil and gas segment revenues increased above 8%, helped by significant increase in large pipeline project activity. The company expects a positive growth in both segments for FY16.
$PWR lowered its 2016 revenue outlook to range of $7.65-7.75Bil from prior estimate of $7.75-8Bil and its EPS from continuing operations guidance to $1.17-1.22 from prior range of $1.20-1.35. The company also cut adjusted EPS from continuing operations forecast to $1.51-1.56 from previous range of $1.52-1.67.
Specialty contractor for utility and energy companies $PWR reported a drop in 3Q16 earnings due to lower discontinued operations. Net income fell to $73.74MM or $0.48 per share from $216.39MM or $1.15 per share last year. Revenues grew to $2.04Bil from $1.94Bil. Adjusted EPS from continuing operations surged 83% to $0.55.
Atlantic Coast Pipeline LLC (ACP), a JV between energy companies $D, $DUK, $PNY and $SO, said it has signed a construction contract with Spring Ridge Constructors (SRC), which is a JV between $PWR's Price Gregory International; U.S. Pipeline, Inc.; SMPC, LLC; and $PRIM's Rockford Corporation. SRC will serve as APC's lead construction contractor.
Atlantic Coast Pipeline has signed a construction contract with Spring Ridge Constructors, a JV of natural gas pipeline construction companies. Comprised of Price Gregory International, a $PWR company, U.S. Pipeline, SMPC, and Rockford Corp., a $PRIM company, the JV will serve as the Atlantic Coast Pipeline's lead construction contractor.
$PWR said the power plant construction project in Alaska negatively impacted 2Q16 by approx. $30.5MM in project losses or $0.12 per diluted share. At 2Q16-end, this project had a contract value of $201MM and was approx. 90% complete. This project is expected to be substantially completed near 3Q16-end.
Houston, Texas-based company $PWR said in the Oil and Gas segment, revenues and margins in 2Q16 were softer than anticipated primarily due to delays on several large pipeline projects and due to negative project conditions. The company expects improved performance for this segment moving through the year.
Energy infrastructure solutions company $PWR reported a decrease in 2Q16 earnings due to lower revenues, project losses and production issues. Net income was $16.5MM or $0.11 per share in 2Q16 compared to $46.1MM or $0.22 per share in 2Q15. Adjusted diluted EPS from continuing operations was $0.18 in 2Q16. Revenues fell to $1.79Bil from last year.