Shares of ENGlobal Corporation (AMEX: ENG) jumped nearly 21 percent to $7.86 in Tuesday afternoon trading. The engineering and systems services provider reported its first-quarter revenue was up 23 percent to a record $81.7 million.
EnGlobal reported net income for the period ended March 31, 2007, at $3.2 million or 12 cents per diluted share, up 156 percent from $1.2 million, or 5 cents per share last year.
“These results can be considered a turnaround for the company, coming after we encountered two problem projects in the second half of last year that produced losses for the last two quarters of 2006,” William A. Coskey, chairman and CEO said in the conference call.
“There are not any significant one time events impacting our financials for this latest quarter. This level of performance appears to be sustainable barring any unforeseen events.”
ENGlobal was formed in December 2001 when Industrial Data Systems Corporation merged with Petrocon Engineering Inc. The company offers engineering and systems services for the petroleum, gas, chemical, power and petrochemical sectors. The company’s services are applicable to industrial plants, refineries, pipelines and automated fuel handling systems.
Calls made to ENGlobal have not yet been returned.