Pike Electric reports 23% increase in quarterly revenue

Pike Electric Corp., Mount Airy, N.C.,  a contractor and provider of  engineering, construction and maintenance for distribution and transmission powerlines, substations, and renewable energy projects, reported total revenue in the third quarter 2013 was $200.2 million, up 23% compared to $162.8 million in the year-ago period. Total revenue in the fiscal third quarter 2013 included storm-related services of $25.4 million, compared to $6.3 million in the same quarter last year.

In a press release discussing the results, J. Eric Pike, the company’s chairman and CEO, said, “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. 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.” Details

 

TAGS: Contractors
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