Through its engineering and construction group, ENGlobal Corp. (NASDAQ: ENG) delivers innovative, cost-effective automation and specialty construction projects for customers around the world. Consistently included on Engineering News Record magazine’s annual list of the top engineering design firms for more than a decade, the company leverages a wealth of industry experience to serve a variety of market sectors – including alternative energy, government, power generation, upstream, midstream, downstream, synthetic gas and pulp and paper. Since being founded more than three decades ago, ENGlobal has built a global reputation for its ability to design state-of-the-art plant automation systems and deliver complex midstream/downstream projects complete with integrated automation packages.
Despite slumping energy prices throughout 2015, ENGlobal has maintained profitability in recent months by building on this reputation. In the second quarter of this year, the company recorded a mild year-over-year increase in total revenue from its engineering and construction segment while maintaining strong profit margins. With working capital of $25.4 million and no borrowings under its current credit facility, as of its latest update, ENGlobal is in a favorable position to continue building on these results moving forward.
“ENGlobal’s response to the current energy marketplace has been to increase our efforts in developing new business,” William Coskey, P.E., chairman and chief executive officer of ENGlobal, stated in a news release. “While we are excited about several new opportunities and client relationships that this internal process has produced, it also appears to be a great time to consider strategic acquisitions.”
In support of its efforts to strengthen its midstream project execution and automation engineering business, ENGlobal recently supplemented its management team with more than 50 years of combined industry experience through the addition of two key professionals in newly created positions. John Offutt, the company’s new general manager of midstream projects, and Robert Sammons, the company’s new general manager of automation engineering, are expected to play key roles in ENGlobal’s efforts to promote strong financial growth in the months to come.
With a bolstered leadership team and an established foothold in the global energy sector, ENGlobal is in a favorable position to build upon its recent financial results while promoting sustainable returns in the future. For prospective shareholders, the company’s ability to remain profitable with energy prices hovering near six-year lows is a promising indicator of its potential when the market begin to recover.
For more information, visit www.englobal.com