ENGlobal (ENG) Reports Q2 EPS of $0.03

ENGlobal (NASDAQ: ENG) reported Q2 EPS of $0.03.

“The company’s turnaround,” said CFO Mark Hess, “is the direct result of our strategic shift away from performing on smaller project assignments toward higher-value modular process and automation systems supply contracts.”

“These contracts – one of which is expected to contribute over $22 million in revenue and involves the production of clean hydrogen fuel as part of a renewable diesel production unit – are expected to permit ENGlobal to achieve higher revenues while leveraging overall operating costs,” Mr. Hess added.

“We are extremely happy with our 2019 results,” commented CEO William A. Coskey, “in particular our crossover to profitability in the fourth quarter. Importantly, we are making good headway in adding to our list of established technology partners which adds to our differentiated capabilities.”

“ENGlobal’s success in building these new relationships is expected to help us sign and perform the higher-value modular contracts that we are targeting, including the most attractive green and renewable energy projects. As a direct result of these strategic efforts and the roughly $10 to $250 million size installations we are targeting, we believe ENGlobal is well positioned for significant growth throughout this and future years,” he added.

For earnings history and earnings-related data on ENGlobal (ENG) click here.

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