Pike Misses Earnings & Rev in 3Q13

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).

Read the Full Research Report on BIP

Read the Full Research Report on PIKE

Read the Full Research Report on CRPJY

Read the Full Research Report on EOC

Zacks Investment Research



More From Zacks.com
View Comments (0)