This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Global Power Reports Gross Margin Expands 390 Basis Points On Revenue Of $104.9 Million In First Quarter 2014

IRVING, Texas, May 2, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the first quarter 2014.

Luis Manuel Ramírez, President and CEO of Global Power, commented, "We delivered a strong quarter and are off to a solid start for achieving our 2014 operational and financial goals. Our strategy to invest in the natural gas sector is working and our commercial efforts are yielding results. We have expanded our capabilities to more fully participate in increasing infrastructure investments. In addition, our business realignment, energized leadership and focus on providing value-added solutions are driving orders."

He continued, "Of note, our efforts at improving productivity and creating a portfolio of higher margin products and services resulted in adjusted EBITDA of $3.7 million in our historically weakest quarter. We see this as a solid indicator for the rest of the year."

FIRST QUARTER 2014 HIGHLIGHTS

  • Gross margin expanded to 17.6% compared with 13.7% on 10% lower revenue.  
  • Revenue was $104.9 million, coming off strong deliveries in the fourth quarter.
    • Product Solutions delivered $38.9 million of revenue driven by investments in natural gas infrastructure, power generation, distributed power supply and the oil and gas space creating demand.  Electrical Solutions offset reduced Auxiliary Products revenue which represented $23.6 million in sales.  
    • Energy Services' revenue of $8.9 million included the addition of Hetsco Inc. ("Hetsco"), which diversified the Company's offerings to the industrial gas processing, chemical/petrochemical and oil and gas industries. Hetsco, which was acquired in April 2013, added $3.6 million of revenue in the quarter.   
    • Nuclear Services had revenue of $57.1 million and included the completion of one outage contract and one in process that was completed in April 2014.  
  • Earnings Before Interest, Taxes, Depreciation and Amortization ("adjusted EBITDA") was $3.7 million (refer to adjusted EBITDA Reconciliation table on page 7 for important disclosures regarding the use of non-GAAP measures). Operating income was $0.6 million.  
  • Income after tax was essentially breakeven.  
  • Product Solutions' orders were $49.8 million and backlog was a record $187.6 million.

Results for the 2014 first quarter include those of IBI LLC ("IBI"), acquired on July 9, 2013 and Hetsco, acquired on April 30, 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs