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Global Power Reports 13% Backlog Growth And Gross Margin Expansion Of 150 Basis Points In Second Quarter 2014

Stocks in this article: GLPW

  • On track to deliver 2014 as planned
  • Achieved highest quarterly order level in Company history

IRVING, Texas, July 31, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (NYSE:GLPW) ("Global Power" or "Company") today reported its financial results for the second quarter 2014.

Luis Manuel Ramírez, President and CEO of Global Power, commented, "We have strong order levels, our backlog is building and the team is executing to plan. Our proactive commercial programs and collaboration among our businesses are presenting us with new opportunities which we believe will drive growth beyond the energy expansion cycle. Further, we believe that the internal infrastructure investments we're making are positioning us to capitalize on those opportunities and provide us with operating leverage and improved profitability."

He added, "As previously announced, the transfer of our common stock listing to the New York Stock Exchange in July represents an important milestone for our Company. We believe that this will raise our Company's profile and strengthen the Global Power brand."

Second Quarter 2014 Highlights

Growth

  • Consolidated orders for the quarter represent a Company record at $166.1 million, up 170% over the trailing first quarter, driven by natural gas focus.
  • Consolidated backlog increased 13% to $434.6 million over trailing first quarter, representing the second highest level in Company history, driven by services segments; approximately $255.0 million of backlog is convertible in second half of 2014.

Productivity and Efficiency

  • Adjusted EBITDA was up 14% to $5.2 million (see adjusted EBITDA Reconciliation table on page 9 for important disclosures regarding the use of non-GAAP measures).
  • Income from continuing operations improved 16% to $0.9 million, or $0.06 per diluted share, on $114.7 million of revenue, which was about flat compared with the prior year.

Delivery

  • Segments delivered improved performance.
    • Product Solutions' revenue grew 65% to $59.2 million with gross margin of 19.6%.
    • Energy Services' gross margin expanded 7 percentage points to 20.8% on a 4% increase in revenue to $14.1 million.
    • Nuclear Services' revenue mix and solid project execution helped deliver 13.9% gross margin on revenue of $41.4 million.

Results for the 2014 second quarter include those of IBI, LLC, acquired on July 9, 2013 and consolidated into Koontz-Wagner Custom Controls Holdings, LLC on January 1, 2014 and Hetsco, Inc. ("Hetsco") acquired on April 30, 2013.

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