Furmanite Corporation (NYSE: FRM) today reported results for the quarter ended March 31, 2014.
First Quarter 2014 Results
Revenues for the three months ended March 31, 2014 were $124.9 million, an increase of $35.9 million, or 40.3%, over the $89.0 million reported for the three months ended March 31, 2013. Operating income for the three months ended March 31, 2014 was $2.5 million compared to $4.1 million for the three months ended March 31, 2013, a decrease of $1.6 million. Foreign currency effects on both revenues and operating income were insignificant for the three months ended March 31, 2014. Net income for the 2014 first quarter was $1.0 million, or $0.03 per diluted share, compared to $2.6 million, or $0.07 per diluted share, in the 2013 first quarter.
Charles R. Cox, Chairman and CEO of Furmanite Corporation said, “We are pleased that we were able to mitigate somewhat the financial impact of the ‘Polar Vortex’ and still report both a profitable quarter and our best ever first quarter revenue performance! We remain fully committed to all aspects of our long-term transformation of Furmanite, and see strong indications that our Orange Way ‘one single global team’ concept is now taking firm hold beyond the Americas region.”Joseph Milliron, Furmanite President and COO, added, “As indicated in our March release, we experienced weather-related deferrals and disruptions in the Americas with a significant resulting impact on both revenue and labor utilization. In spite of this weather impact, the global revenues from our Technical Services segment increased by 5% over the first quarter of 2013, fueled by strong results from our EMEA region where revenues increased $6.9 million, or 34%, and operating income was up $2.6 million over the same period last year.” Mr. Milliron continued, “We are finding many synergies with our new Engineering & Project Solutions team and are focused on leveraging the whole new range of opportunities they have brought to Furmanite. We are also pleased with the year-to-date financial progress in this segment, with an 8% increase in revenue as well as a $0.7 million operating improvement, excluding integration costs, as compared to the fourth quarter of 2013. We remain confident of continued profitability improvements within this segment, along with growing reciprocal synergistic impacts on our Technical Services business going forward.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV