Fresh off a strong 2018, Fort St. John’s Macro Enterprises continued to see positive results in the first quarter of 2019.
The company reports net earnings of $6.8 million, or 23 cents per share, on revenues of $121.6 million through the first three months of the year. That's up from a loss of $2.3 million on just $8.7 million in revenues during the same quarter in 2018.
“The material increase in revenues during the quarter was anticipated as a result of a number of projects continuing from late prior year,” the company reported May 27.
“Significant construction activity levels were sustained throughout the quarter, however, as expected the Company's margins were impacted by increased equipment and maintenance costs which in turn pressured bottom line results.”
Operations are being streamlined and improved to increase margins while maintaining health, safety, and environmental standards, the company said. The company noted it has seen 23 consecutive corners without a single lost-time injury.
The majority of the revenue for the quarter — $110.1 million — came from pipeline and facilities construction, with the rest from maintenance services. In the same quarter last year, maintenance services accounted for the majority of the company’s revenue.
Revenues from joint operations on the Coastal GasLink and Trans Mountain pipelines accounted for less than 10% of revenue for the quarter, the company said.
Macro shares are currently trading at $4.14, up from $2.60 this time last year.
Fedderly joins board
Meanwhile, shareholders elected Bob Fedderly to the company’s board of directors at their annual general meeting on May 28. He has been appointed to the company’s audit and compensation committees.
“Management is of the view that Mr. Fedderly will provide valuable perspective and expertise to the Board as an independent director,” the company said.
Fedderly is president of Fedderly Transportation, founded in 1980, and president of GasNorth Energy.
He has previously worked with the Energy Services BC, the Northern BC Truckers Association, the BC Oil and Gas Commission in various capacities.
“Mr. Fedderly's experience gained throughout many years serving the energy industry has provided him with a wide angle view of the industry,” the company said.
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