CUI Global Inc (NASDAQ:CUI), an energy infrastructure company, reported partial second-quarter results before Friday’s opening bell that showed narrowing losses and revenue just short of analysts’ expectations, and it trailed a potential acquisition and change of CEO.
The company cut its second quarter losses by more than 40% year-on-year to $2.5 million from $.2 million.
Revenue came in at $22.8 million, down slightly from $23.1 million a year earlier and slightly shy of Street expectations for $26.5 million.
Investors will have to wait a few more days to get the full picture. The company received a five-day extension from the SEC to file its full quarterly report, which includes net loss and per share data.
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CEO William Clough is confident traders will like what they see.
“For the second quarter, we narrowed our consolidated net loss substantially year over year and also on a sequential basis due to significant revenue gains in our Energy segment together with certain expense reductions,” Clough said in a statement.
“We continue to see strong demand for our engineering and integration services in North America that is being driven by oil and gas customers in the Permian Basin and South Texas processing facilities.”
Clough went on to tease a coming acquisition and a new CEO.
“We have culled our proposed list of target companies announced on May 15 to one and are close to entering into a purchase and sale agreement with a new acquisition candidate,” said Clough. “With the signing of that PSA, Jim O’Neil will join CUI Global as its CEO.”
O’Neil, the former CEO of electrical infrastructure company Quanta Services Inc (NYSE:PWR), has served as vice chairman of CUI’s board of directors since July 11.
The company's shares slid 4.1% Friday morning to $0.70.
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