Pike Misses Earnings & Rev in 3Q13 - Analyst Blog
07 May 2013 - 6:50PM
Zacks
Energy solutions provider,
Pike Electric Corporation (PIKE) posted enhanced
year-over-year results for fiscal third quarter of 2013. Pike’s
earnings per share in the quarter were 8 cents, rising 33.3% year
over year, as a result of increased sales and improved margins.
However, Pike missed the Zacks Consensus Estimate of 10 cents by
20.0%.
Revenues:
Increased storm related services augmented revenues in the quarter
by 23.0% to $200.0 million. Revenues lagged the Zacks Consensus
Estimate of $204.0 million by roughly 2.0%.
Revenues from the Construction
segment surged 15.5% year over year to $166.7 million, as a result
of improved core sales as well as storm related services.
Revenues derived from All Other
Operations shot up 82.5% to $33.5 million, driven primarily by core
sales as well as storm related services.
Margins: Gross
profit margin for Pike in the quarter was recorded at 12.5%,
declining by 11 basis points year over year. General and
administrative expense totaled $18.7 million, increasing from the
$16.2 million recorded in the year-ago quarter.
Balance Sheet/Cash
Flow: Exiting the fiscal third quarter of 2013, Pike’s
cash and cash equivalents stood at $6.0 million, compared with $2.5
million in the preceding quarter. Revolving credit facility was
recorded at $191.0 million; against $207.5 million at the end of
fiscal second quarter of 2013.
Capital expenditure for the quarter
amounted to $9.9 million, against $6.5 million recorded in the
fiscal third quarter of 2012.
Pike currently carries a Zacks Rank
#3 (Hold). Other stocks worth a look in the electric power industry
are Brookfield Infrastructure Partners L.P. (BIP),
Empresa Nacional de Electricidad S.A. (EOC) and
China Resources Power Holdings Co. Ltd. (CRPJY);
each carrying a Zacks Rank #1 (Strong Buy).
BROOKFIELD INFR (BIP): Free Stock Analysis Report
CHINA RES POWER (CRPJY): Get Free Report
ENDESA-CHILE (EOC): Free Stock Analysis Report
PIKE ELECTRIC (PIKE): Free Stock Analysis Report
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