ENGlobal Corp. (ENG) is a leader in providing whole platform solutions for renewable and conventional energy globally. The company runs via two business segments including Commercial and Government sectors. The Commercial sector offers its clients with engineering, fabrication, and integration of automatic control platforms as a comprehensive packaged solution. The Governmental sector provides its government and public segment clients with its services.
The price of ENG stock during the regular trading of March 9, 2022, was $1.64 with a decline of 20.1%. At the last check of the premarket on March 10, 2022, the stock recovered by 11.8%.
ENG: Events and Happenings
On March 9, 2022, ENG updated that it will host a conference call to discuss the Q4 financials for 2021 on March 10, 2022. On March 1, 2022, ENG reported the commencement of its operational services in the Permian basin in Texas. The company’s products demand in the region has been growing tremendously over the past few years in this region.
On February 22, 2022, ENG announced its selection to provide its EPC services to a private customer. The company made an agreement for a renewable fuel plant producing 100 million gallons of aviation fuel and renewable diesel per year from feedstocks. On January 18, 2022, ENG informed the press about the receipt of acquisition orders valued at $2.2 million for the construction of 120 parking lot security trailers. The primary purpose of the trailers is to provide e-surveillance to make it safer and utilization for other remote surveillance.
ENG: Key Financials
On November 04, 2021, ENG reported its financial report for the third quarter ended September 25, 2021. Some of the key highlights are as follows.
Revenue
Revenue in the quarter in 2021 was recorded to be $5.92 million against $15.7 million for the same quarter of 2020. The company lost the revenue over the year by $9.8 million. It missed the revenue target by $5.68 million.
EPS
Net earnings per basic and diluted share in Q3 2021 were $2.4 million or $0.07 compared to a net loss of $1.11 million or $0.04 in the corresponding quarter of 2020. The company experienced a substantial gain in its EPS over the year. The company posted an EPS surprise by topping the estimates by $0.02.
Conclusion
ENG stock outperformed year-to-date by 18% as the company urged to reach international forums and take giant contracts. Checking the company’s increased stock price in the premarket, the likely reason for the gain is that it is gearing for financial statement release on March 10.
