Pike Electric reports flat 4th-quarter profit

Power services contractor Pike Electric Corp. said Thursday its fiscal fourth-quarter earnings were essentially flat as overall revenue fell.

Earnings for the quarter ended June 30 rose to $5.6 million, or 17 cents per share, from $5.57 million, or 17 cents a share, a year earlier.

On average, analysts polled by Thomson Reuters forecast quarterly earnings of 14 cents a share.

Pike Electric said it has raised productivity and paid down debt.

Revenue for the quarter fell to $137.8 million from $144.3 million.

For the year, net income rose to $20.2 million, or 60 cents a share, from $18.4 million, or 55 cents a share, a year earlier.

Meanwhile, revenue fell to $552 million from $596.8 million.

The company said it reduced debt by $51 million to $140.5 million over the year.

Its stock rose 29 cents to $19. The shares have traded between $12.75 and $21.16 in the past 12 months.