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Products revenue up 13.7% in third quarter and on-track to deliver for year; Third quarter Services revenue was $55.4 million on weak nuclear power market
2013 consolidated revenue expectation reduced to range of $470 million to $490 million
Gross margin improved to 18.8%; operating margin, excluding strategic investments, was 4.7%
Company expects growth in 2014 from Products and Energy Services; Nuclear Services expected to be comparable with 2013
Global Power declares quarterly cash dividend
IRVING, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the third quarter ended September 30, 2013. Results include the operations of Koontz-Wagner Custom Controls Holdings, LLC ("Koontz-Wagner"), acquired on July 30, 2012, TOG Holdings, Inc. ("TOG"), acquired on September 5, 2012 and IBI Holdings, acquired on July 9, 2013 which are included in the Products Division's results, and Hetsco, Inc. ("Hetsco"), acquired on April 30, 2013 which is included in the Services Division's results.
Luis Manuel Ramírez, President and CEO of Global Power, said, "While the sustained weak nuclear power industry has softened our expectations for nuclear services, we remain encouraged by the opportunities for growth in our other businesses. Our Products Division remains on track to deliver for the year, driven by growth in our electrical solutions product line. We began 2013 knowing this would be a transitional year and leveraged the strength of our balance sheet to invest in growth opportunities. During the year, we reorganized our operations to be more cost efficient and implemented lean processes in order to expand margins. Looking beyond 2013, we expect growth to be driven by our realigned customer-facing organization, a strong commercial strategy and an energized leadership team."