Company Reports Q1 Revenue of $50.1M, Below Expectations
Reports Q1 revenue $50.1M, consensus $52.57M. CEO Jeff Eberwein noted, "Q1 is almost always our weakest quarter of the year and in this year's Q1, startup delays for new projects and broader macroeconomic conditions caused our Building Solutions and Business Services divisions to perform worse than expected. Our Energy Services division, however, maintained solid momentum. We believe our focus on operational and cost improvements and continued investments in growth and innovation are strengthening our competitive position and will drive significantly improved results as the year progresses." Rick Coleman, COO, added, "Residential and commercial construction markets remained soft in Q1 causing our Building Solutions division to perform below internal expectations, primarily due to delays in several pending contract awards and severe winter weather in both of our key geographies. However, underlying demand remains intact, as evidenced by recently secured new business, including the $4.2M multifamily housing project in New Hampshire for our KBS business we announced on April 30. In contrast, our Energy Services division delivered a strong quarter, continuing to gain share across core markets, with particularly strong performance in mining and geothermal end markets."
