Pike Electric Corporation (NYSE:PIKE) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Pike Electric Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 33.33% to $0.08 in the quarter versus EPS of $0.06 in the year-earlier quarter.
Revenue: Rose 23% to $200.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Pike Electric Corporation reported adjusted EPS income of $0.08 per share. By that measure, the company missed the mean analyst estimate of $0.1. It missed the average revenue estimate of $202.92 million.
Quoting Management: “We continue to be pleased with the success of our diversification strategy and growth. Transmission and substation continue their positive trends and engineering services now generate over 18 percent of our core revenue,” said J. Eric Pike, Chairman and CEO of Pike. “Although our third quarter results were significantly affected by reduced construction productivity in our mid-Atlantic and southeastern territory due to snow and extremely wet weather conditions, investments in training, and expansion costs for Pine Valley Power and UCS, we remain on track for a record year and our actions this quarter will aid in our future growth.”
Key Stats (on next page)…
Revenue decreased 26.85% from $273.67 million in the previous quarter. EPS decreased 88.06% from $0.67 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.14 and has not changed. For the current year, the average estimate has moved up from a profit of $0.73 to a profit of $1.17 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)