Capstone Turbine (NASDAQ:CPST) Secures Two New Long-Term Rentals And Announces Expansion Of Its Rental Fleet, From 8.6 MW To 10.6 MW

 

Rental Microturbines To Be Deployed at One of the World’s Largest Oil & Gas Producers in Texas, and a New Industrial Agricultural Operation in California

VAN NUYS, CA / ACCESSWIRE / March 8, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world’s leading manufacturer of clean energy technology microturbine systems, announced today that it continues to expand its long-term microturbine rental business as part of expanding its Energy as a Service (EaaS) business model, with an additional 1.6 megawatts (MWs) of new long-term rental contracts. As a result, Capstone also announced today that it will now expand its low emission microturbine rental fleet from today’s 8.6 MW to 10.6 MW by March 31, 2021.

 

Capstone Rental Unit Temporarily Installed at Leading Oil & Gas Producer

 

One of the two new long-term rental contracts is a one-year rental agreement for a five-bay C600S for one of the world’s largest oil and gas producers in Texas. This contract is a follow-on long-term rental secured by Capstone distribution partner Lone Star Power Solutions (www.lonestarpowersolutions.com). Lone Star Power Solutions is Capstone’s exclusive distributor for Texas, Arizona and the Gulf States. The microturbine rental system is expected to be delivered and commissioned in the spring of 2021.

The second long-term rental contract is a one-year rental agreement for a C1000S for a new industrial agricultural operation in California. This contract was secured by Capstone’s distribution partner, Cal Microturbine, Capstone’s exclusive distributor for California, Hawaii & Nevada and nonexclusive for Oregon and Washington (www.calmicroturbine.com). The one-year rental is expected to be commissioned later this summer.

“Expanding Capstone’s Energy as a Service business, which includes the long-term rental program, is an important element for the company achieving its near-term profitability goals. Capstone is a proud green energy company, having focused for a long time on transforming the way businesses think about on-site energy production,” said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. “Today, we are even more excited to be able to offer our customers Energy as a Service, to strengthen our commitment in creating smarter energy for a cleaner future, as carbon reduction has increasing value to our customers,” added Mr. Jamison.

“We currently have over 50 MW of gross, pending long-term rental contract quotations out for consideration with potential customers, and I expect the new U.S. administration will create even more positive momentum toward green initiatives, as President Biden recently signed an executive order to rejoin the U.S. into the Paris climate accord, his first major action to tackle global warming,” concluded Mr. Jamison.

“The business plan that we developed in conjunction with amending the Goldman Sachs Note Purchase Agreement on October 1, 2020, included the strategic expansion of the long-term rental fleet from 8.6 MW to 14.85 MW by June 30, 2021, and to 21.1 MW by March 2022,” said Eric Hencken, Chief Financial Officer of Capstone Turbine. “Long-term rentals are a key to our financial success as the recurring revenue stream they generate improves our gross margin and expense absorption,” concluded Mr. Hencken.

The large oil and gas company continued its pursuit of a flexible and scalable low emission energy solution that could be quickly and easily deployed and increase power capacity and accommodate its Permian basin installations’ growing energy needs. The industrial agricultural facility selected the natural gas C1000S due to its lower emission profile when compared to the environmental impact of traditional diesel rental generators.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world’s leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today’s multi-technology distributed power generation projects.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@capstoneturbine.com. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.

For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, Facebook and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. “Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628

ir@capstoneturbine.com

SOURCE: Capstone Turbine Corporation

Capstone Turbine Secures Follow-On Order From Major Oil & Gas Producer In India

 

Microturbines to be Deployed at a Gathering Station in India for Flare Recovery Project

VAN NUYS, CA / ACCESSWIRE / March 4, 2021 / Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST), the world’s leading manufacturer of clean technology microturbine energy systems, announced today that it received a follow-on order for Oil and Natural Gas Corporation (ONGC), India’s renowned multi-national oil and gas company, for one C200 Signature Series and two C65 microturbines. Brio Energy Pvt. Ltd., Capstone’s exclusive distributor in India (www.brioenergy.in), secured the order, which is expected to be commissioned in May 2021.

Capstone continues its growth in the South Asian oil and gas market with its recent follow-on order from ONGC. The microturbines, destined for a remote gathering station in western India, will provide primary power to the facility while simultaneously reducing the flaring of associated gas which negatively impacts the environment. Utilizing the flare gas that would otherwise be wasted reduces the company’s overall operational costs. In addition, it helps the environment by eliminating the need to import power from the local utility, reducing their overall carbon footprint.

“Gas flaring is a global issue, but it’s much more acute in areas with limited infrastructure and often has devastating negative impacts on local communities. Beyond the obvious noise and light issues, flaring emits black carbon, methane, and volatile organic compounds, all of which are dangerous air pollutants,” said Darren Jamison, President and Chief Executive Officer of Capstone Turbine. “It’s tremendous to see a world-renowned oil and gas company like India’s ONGC continue to utilize Capstone’s green energy products to limit the environmental impacts associated with flare gas in India,” added Mr. Jamison.

Officials at ONGC have really appreciated the vast benefits of Capstone’s microturbine technology with their initial order. Capstone microturbines are able to use flare gas as an input fuel source without any gas pre-treatment. This allowed the customer to monetize the associated gas while simultaneously keeping operational costs low by not needing extra fuel-cleaning equipment.

“Our aim is to provide next-generation energy solutions to industries that match today’s distributed generation needs,” said Shubham Mishra, Principal at Brio Energy. “Through the use of Capstone’s microturbine energy systems, we can advance clean and reliable energy solutions across the country and achieve carbon neutrality,” added Mr. Mishra.

Capstone microturbines are recognized in the oil and gas industry for their strong performance and reliability. Along with their rugged reputation, microturbines allow oil and gas operators to meet flare gas reduction objectives. By utilizing on-site natural gas, oil and gas producers have the potential to reduce harmful emissions and also lower their operating expenses.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) is the world’s leading producer of highly efficient, low-emission, resilient microturbine energy systems. Capstone microturbines serve multiple vertical markets worldwide, including natural resources, energy efficiency, renewable energy, critical power supply, transportation and microgrids. Capstone offers a comprehensive product lineup via our direct sales team, as well as our global distribution network. Capstone provides scalable solutions from 30 kWs to 10 MWs that operate on a variety of fuels and are the ideal solution for today’s multi-technology distributed power generation projects.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@capstoneturbine.com. To date, Capstone has shipped nearly 10,000 units to 83 countries and in FY20, saved customers an estimated $219 million in annual energy costs and 368,000 tons of carbon.

For more information about the company, please visit www.capstoneturbine.com. Follow Capstone Turbine on Twitter, LinkedIn, Instagram, Facebook and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. “Capstone” and “Capstone Microturbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

CONTACT:
Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628

ir@capstoneturbine.com

SOURCE: Capstone Turbine Corporation

Friday, February 26, 2021

Orion Group Holdings (ORN)
Better-than-Expected Quarter, But Flat Year Ahead?

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q2020 EBITDA of $12.6 million beat guidance of $10-$12 million and 2020 EBITDA of $54.4 million sets the bar high for 2021. Excluding asset sales, 2020 EBITDA was $48.2 million. Despite the uncertain operating environment, 4Q2020 operating results exceeded expectations. Versus last year, gross profit increased to $21.7 million from $19.1 million, and EBITDA also improved to $12.6 million from $11.0 million. Revenue dropped off almost $30 million to $170.2 million, but profitability was solid, with higher gross margin of 12.8% (+320 basis points) and EBITDA margin of 7.7% (+220 basis points).


Fine tuning 2021 EBITDA estimate to $47.0 million from $48.7 million to reflect more conservation tack.  Tough comps versus 2020 EBITDA of $48.2 million, but profitability remains solid with EBITDA margin in 6.9% range …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, February 24, 2021

Orion Group Holdings (ORN)
Results Should Reinforce Favorable Outlook

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q2020 Results out after the market closes today and call tomorrow at 10am EST. Number is 201-493-6739 and code is Orion Group Holdings. Our 4Q2020 gross profit estimate is $20.3 million and gross margin of 11.3%. Our EBITDA estimate is $11.9 million with EBITDA margin of 6.6%. We will be looking for color in the following areas: Impact on Concrete from the recent deep freeze in Texas; Tone of Concrete bidding and expansion opportunities; Tone of Marine bidding and visibility of projects, including any signs of recovery in cruise industry; Timing and potential of industrial market expansion; ISG restructuring impact and margin direction; ERP implementation update and expected benefits; Asset sales update – Port Lavaca closed? Color on Tampa yard sale delay into 2Q2021; and Capital allocation priorities if/when asset sales close.


Industry fundamentals remain positive despite state level concerns about COVID-19.  Announced 4Q2020 awards total $99 million and appear incremental to 3Q2020 low bids pending award. While there is still some concern about COVID-19, crude oil prices have rebounded and Texas remains on a demographic growth path with several prominent HQ relocations announced …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, February 19, 2021

Great Lakes Dredge & Dock (GLDD)
A Softer End to Year, But Positive Outlook Intact

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q2020 results softer than expected due to higher costs and downtime/delays. Adjusted EBITDA of $29.4 million was below expectations of $33.5 million and EBITDA margin of 17.1% was below expectations of 17.7% due to higher S,G&A expenses, including severance and relocation costs, and higher maintenance expense caused by unexpected downtime. Good execution on most projects was offset by some weather delays in Florida.


Fine tuning 2021 EBITDA estimate of $150.0 million which is down slightly from 2020 due to a 90 basis point drop in EBITDA margin to 19.7% mainly due to strong outperformance on several projects this year, especially in 1Q2020.  S,G&A expenses are expected to remain elevated in the 8.5% of revenue range due to costs to move to Texas. Admittedly, we are setting the bar at a reasonable level given …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, February 19, 2021

Capstone Turbine (CPST)
Coverage Initiated on Capstone Turbine

Capstone Turbine Corp is the producer of low-emission microturbine systems.The company develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications. Capstone Turbine’s products include onboard generation for hybrid electric vehicles; conversion of oil field and biomass waste gases into electricity; combined heat, power, and chilling solutions; capacity addition; and standby power.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Capstone Turbine is a leading provider of on-site generation and thermal solutions. We believe that microturbines serve an important service for clients seeking to supplement or replace electric utility service. Growth has accelerated in recent quarters following a salesforce realignment. The long-term prospects for the company are also good. Increased environmental consciousness will push customers towards companies like Capstone that offer individualized client solutions that reduce emissions.


Cost cutting should mean top-line growth goes right to the bottom line.  Capstone spent last year working to reduce costs with a goal of moving the company to positive cash flow generation. The company turned cash flow positive in the June quarter before reporting narrow losses in the September and December quarters, as it shifted its focus towards growing revenues. With a better-aligned cost …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, February 18, 2021

Energy Services of America (ESOA)
Increasing Price Target to Reflect Multiple Expansion

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

First fiscal 2021 quarter softer than expected due to seasonality and higher labor costs. 1Q2021 (Dec) was positive from a top line perspective, but profitability compressed due to actions taken to increase work force productivity. Total revenue of $32.0 million increased $6.2 million (~24%), and gross profit of $2.8 million increased $0.45 million (~21%). Adjusted EBITDA of $0.3 million dropped from $0.9 million and EBITDA margin of 1.0% was 230 basis points lower. S,G& A expenses, including added incentive comp, increased $1.0 to $3.6 million and dampened profitability.


Moving FY2021 EBITDA to $9.1 million from $10.8 million to reflect quarterly results and a one-time 401(k) retirement fund adjustment this quarter.  The adjustment is driven by an issue triggered by a change in the third-party administrator of the 401(k) program. In order to remedy the error, the Board decided to make the participants whole using the February 9th closing price of $1.92/share and …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Tuesday, February 16, 2021

Great Lakes Dredge & Dock (GLDD)
Quarterly Call Will Reinforce January NobleCon17 Appearance

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The company only’s operating segments is Dredging. Dredging involves the enhancement or preservation of navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand or rock. Its projects portfolio includes Coastal Restoration, Coastal Protection, Port expansion, and others.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q2020 Results out tomorrow morning and call at 10am EST. Number is 877-377-7553 and ID is 4967097. Our 4Q2020 EBITDA estimate is $33.5 million with gross margin of 21.0%. We will be looking for color in the following areas: 2021 bid market outlook; Tone of bidding activity and visibility of projects; Impact of competition; Margin direction; Update on newbuild Hopper Barge One; Timing of FID and capex on newbuild Hopper Barge Two; Timing of FID and capex on newbuild rock dumper barge; Progress completing $75 million buyback program; Refinancing plan with bonds callable at par in May; and Timing and cost of corporate relocation to Houston.


Quarter call should reinforce positive outlook offered in NobleCon17 presentation in January.  CEO Lasse Petterson and CFO Mark Marinko offered a solid case for GLDD in a presentation in late January. Go to Channelchek: https://www.channelchek.com/news-channel/NobleCon17_Rebroadcast for replay info …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, January 22, 2021

Orion Group Holdings (ORN)
Conference Highlights Positives – New Concrete Awards

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Noble Capital Markets’ Seventeenth Annual Small & Microcap Conference presentation reinforced favorable dynamics. CFO Robert Tabb covered all of the bases by highlighting favorable market fundamentals, reviewing the ISG restructuring benefits, discussing the timing and benefits of the ERP program and offering specific details on asset sales. After addressing the financial impact of the Corpus Christi accident and the ERP program benefits, Tabb stated that bidding/booking activity remains solid across the board and indicated that growth-oriented investments are the major strategic goal. Go to channelchek.vercel.app for replay details.


Concrete awards of $27 million announced.  Recent concrete and Marine awards are incremental to 3Q2020 low bids pending. Late yesterday, several concrete awards were announced that total $27 million. The awards includes $11.6 million for construction of a larger tilt-wall distribution center in Central Texas and $15.1 million for five tilt-wall and paving projects; four in Dallas and one in Houston …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Limbach Holdings (LMB) CEO Charlie Bacon and EVP Matthew Katz at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 2021. Following the formal presentation, Noble Capital Markets Senior Research Analyst Joe Gomes joins Charlie and Matthew to moderate a Q&A session. NobleCon 17 Complete Rebroadcast

Tuesday, January 19, 2021

Orion Group Holdings (ORN)
Conference Presentation Should Highlight Favorable Outlook

Orion Group Holdings, based in Houston, Texas, is a specialty construction company within the Marine and Industrial Construction sectors, with operations focused in the continental United States and Caribbean. Revenue is split roughly 50/50 between a Marine Construction segment that provides marine facility, pipeline and structural construction services and a Commercial Concrete segment that provides turnkey concrete services in the light commercial and structural construction markets.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Tune into Noble Capital Markets Seventeenth Annual Small & Microcap Investor Conference for an update. ORN management will present live at our annual conference today (January 19th) at 12pm EST (noon). Please see www.channelchek.com for details.


Due to solid execution, we are increasing 2020 EBITDA to $53.7 million from $52.3 million but lowering 2021 EBITDA estimate to $48.7 million from $52.3 million to reflect more conservation tack.  Tough comps but profitability remains solid. Industry fundamentals remain positive despite state level concerns about COVID-19. Recent awards on two Marine projects in Florida of $21 million were …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Join Limbach Holdings (LMB) CEO Charlie Bacon & EVP Matthew Katz at NobleCon17 – Noble Capital Markets 17th Annual Small & Microcap Investor Conference – January 19&20, 2021. Following a formal presentation, a seasoned Wall Street research analyst will join Charlie and Matthew to moderate a LIVE Q&A session. If you want to be added to the roster of presenters… or if you would like to join the virtual audience of investors, at no cost, go to nobleconference.com. NobleCon 17 Complete Presenting Company Schedule

Wednesday, January 06, 2021

Energy Services of America (ESOA)
FY2020 Earnings Revised Higher Due to Stimulus Legislation

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Fiscal 2020 (September) results were revised upward due to stimulus legislation. The reported net FY2020 loss of $0.039/share was revised upward to net income of $0.123/share in the FY2020 10-K filed yesterday. More clarity on the taxation of PPP loan forgiveness included in the stimulus legislation resulted in the reversal of $2.7 million of the reported tax provision. There was no change to adjusted FY2020 EBITDA of $8.0 million.


Closing of WV Pipeline acquisition adds confidence to FY2021 EBITDA estimate of $10.8 million.  EBITDA growth in the 30% range reflects the strong finish to FY2020, sustained higher profitability due to the shift in the business model and the closing of the WV Pipeline acquisition last week. Forecasted revenue of $122.5 million is a slight 3% improvement from FY2020 revenue of $119.2 million and …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.