Energy solutions provider
Pike Electric Corporation
) reported disappointing year-over-year results for first quarter
fiscal 2014. Pike's earnings per share came in at 3 cents,
falling 88.5% year over year, due to a decline in sales and
margins. Additionally, Pike missed the Zacks Consensus Estimate
of 13 cents by 76.9%.
: A drop in storm-related services reduced revenues in the
quarter by 21.0% to $193.3 million. Revenues also lagged the
Zacks Consensus Estimate of $214.0 million.
Revenues from the
segment fell 22.6% year over year to $157.5 million. Revenues
derived from the
All Other Operations
segment declined 13.0% year over year to $35.8 million. The
decrease in revenues was primarily due to lowered core sales and
: Gross profit margin for Pike in the quarter was 10.3%, a
decrease of 480 basis points year over year. The decline in gross
margin was driven by reduced revenues, increased investments in
Western U.S. as well as loss of business in California. General
and administrative (G&A) expenses totaled $17.4 million,
declining from $19.5 million recorded in the year-ago
Balance Sheet/Cash Flow
: Exiting the first quarter of fiscal 2014, Pike's cash and cash
equivalents stood at $2.9 million, compared with $2.6 million in
the preceding quarter. Revolving credit facility was recorded at
$220.0 million this quarter, declining from $221.0 million at the
end of fiscal fourth quarter of 2013.
The company incurred capital expenditure of $12.2 million in
the quarter, compared with $8.1 million in the first quarter of
: Pike expects to witness a year-over-year rise in core sales
over the coming quarters. However, revenues from storm related
activities are anticipated to remain weak.
Other Stocks to Consider
Pike currently carries a Zacks Rank #4 (Sell). Other stocks
worth considering in the industry include
NRG Yield, Inc.
Tractebel Energia S.A.
UNS Energy Corporation
). All these carry a Zacks Rank #1 (Strong Buy).
NRG YIELD INC-A (NYLD): Free Stock Analysis
PIKE ELECTRIC (PIKE): Free Stock Analysis
TRACTEBEL -ADR (TBLEY): Get Free Report
UNS ENERGY CORP (UNS): Free Stock Analysis
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