CUI Global (CUI) Tops Q4 EPS by 1c, Revenues Miss

CUI Global (NASDAQ: CUI) reported Q4 EPS of ($0.10), $0.01 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $5.7 million versus the consensus estimate of $5.95 million.

Commentary

\"In 2019, our Energy segment continued to take advantage of operators increasing capital investment in energy services infrastructure,\" said Jim O\'Neil, vice chairman and CEO of CUI Global. \"At the same time, we laid the groundwork for our plan to become a diversified energy infrastructure services company. This included the sale of our electromechanical components business of our legacy Power and Electromechanical segment for a total consideration of $15 million. Following this, we sold the majority of our remaining Power business to Bel Fuse for $32 million in gross proceeds, which continued our transformation and strengthened our balance sheet. More recently, we announced another major milestone with the accretive, platform acquisition of Reach Construction Group.

Mr. O\'Neil continued, "Reach's utility-scale solar energy expertise and established relationships with solar developers and panel manufacturers represents a strong addition to our energy infrastructure services focused operations. This acquisition extends our energy services business into the rapidly growing areas of alternative and renewable energy, and also expands our engineering and construction capabilities to deploy a broader set of service offerings in the energy infrastructure market. Going forward, we will continue to grow our existing energy business and use our strong balance sheet to pursue attractive acquisition opportunities. By executing on this targeted acquisition strategy, focused on innovative companies in complementary industries, we will develop a diversified platform for growth and create long-term value for our shareholders."

For earnings history and earnings-related data on CUI Global (CUI) click here.

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