Energy solutions provider Pike Corporation (PIKE) reported adjusted earnings of 16 cents per share for fiscal fourth-quarter 2014 (ended Jun 30, 2014). This represents a 77.7% increase over 9 cents per share earned in the year-ago quarter. Also, the bottom line surpassed the Zacks Consensus Estimate of 12 cents per share.
For fiscal 2014, adjusted earnings came in at 45 cents per share, down 60.2% from $1.13 recorded in fiscal 2013.
Revenue
Pike generated revenues of $198.9 million, down 0.6% year over year and below the Zacks Consensus Estimate of $215 million.
Revenues from the Construction segment declined 7.8% year over year to $151.6 million, representing 76% of total revenue. The Engineering segment revenues, accounting for 24% of total revenue, recorded a year over year increase of 32.1% to $47.3 million.
For fiscal 2014, total revenues were $810.7 million, down 11.8% year over year.
Costs/Margins
Pike’s costs of operations decreased 1.1% year over year and represented 86.6% of total revenue, down from 87% in the year-ago quarter. Gross margin increased 40 basis points (bps) to 13.4%. General and administrative expenses, as a percentage of total revenue, was stable at 9.3%
Balance Sheet
Exiting fiscal fourth-quarter 2014, Pike Electrical had cash and cash equivalents of approximately $1 million as compared with $3.8 million in the preceding quarter. The revolving credit facility decreased 17.1% sequentially to $197 million.
With a market capitalization of $382 million, Pike Corporation currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Huaneng Power International, Inc. (HNP), ALLETE, Inc. (ALE) and Black Hills Corporation (BKH). While Huaneng Power International sports a Zacks Rank #1 (Strong Buy), both ALLETE and Black Hills hold a Zacks Rank #2 (Buy).
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