ENGlobal Reports Improved Efficiency Amid Revenue Decline

Kingstone ( (KINS) ) has released its Q3 earnings. Here is a breakdown of the information Kingstone presented to its investors.

ENGlobal Corporation is a company specializing in delivering engineering project solutions, predominantly serving the energy sector through its Commercial and Government Services segments. In its recent earnings announcement, ENGlobal reported its financial results for the third quarter of 2024, highlighting a decrease in revenue but also improvements in operational efficiency. The company’s quarterly revenue was $5.7 million, a drop from $9.5 million in the previous year, but its net loss decreased by $0.2 million, showing signs of improved cost management. Noteworthy is the increase in gross profit percentage to 8.4% from 4.5%, alongside a significant reduction in SG&A expenses by $0.7 million. For the nine months ending in September 2024, revenues were $18.4 million compared to $32.4 million in 2023, with a notable improvement in net loss by $8.3 million. ENGlobal’s management remains focused on enhancing financial health and operational efficiency, while exploring strategic opportunities to scale and create shareholder value. The company is optimistic about achieving its strategic goals, driven by ongoing adjustments and market conditions.