Sep 3, 2026 earnings call — FEED award for America First refinery; return to profitability
Revenue grew 13% to $244.5 million and full year adjusted EPS was $0.26.
Revenue $0.2B (est $0.2B) · EPS $0.04 (est $0.17)
Key quotes
"Together with an enterprise wide team, we established a strategic framework win, execute, deliver."
"As a result of these efforts, we return to profitability this year with full year adjusted EPS of $0.26 an increase of $1.19 compared to last year."
"This project is for the front end engineering and design of the storage tank farm for the America First refining facility in Brownsville, Texas."
Analyst Q&A 2
Restructuring and backlog timing
Q (John Franzreb · Sidoti and Company): The analyst asked if management is satisfied with the current cost structure and whether more restructuring charges are expected. He also asked why bookings fell and how much of the backlog will be delivered in the next 12 months, plus the backlog margin trend.
A: Management said they have made measurable progress in the last 18 months and feel the organization is the right size today. They do not expect anywhere near the prior nearly $10 million level of restructuring in fiscal 27; there may be small tweaks but nothing major. They said 70% to 80% of that backlog will be worked off during fiscal 27 and that project margins are delivering close to double-digit levels and they want to grow above 10%.
"I think 70% to 80% of that backlog will be worked off during fiscal 27." — Kevin S. Cavanah (CFO)
First America FEED, timing, and cash
Q (Ted Jackson · Northland): The analyst asked for details on the American First/First America refinery FEED work: its size, whether it drove the pipeline jump, the award timing, and whether early purchasing would drive cash use in H1. He also asked again about future restructuring charges.
A: Management said they will not give dollar specifics because FID is not final, but they have been contracted for the FEED which is due at the end of fiscal Q2. They expect the award conversion late fiscal Q3 or early Q4, and they may start some early purchasing or site work before calendar year end; the work is in their opportunity pipeline but only the FEED is currently booked. For cash, they said cash use is primarily driven by projects executed in the field with advanced payments and they will maintain a net deposit cash position on the work; and they reiterated not to expect significant restructuring items, maybe a small quarter with a couple hundred thousand at most.
"So we have been awarded we have been contracted for the FEED, and that is due at the end of Our fiscal Q2." — Shawn Payne (CEO)