logo-loader
TechHardware & electrical equipment
CUI Global Inc

CUI Global sees 1Q revenue boost

The Oregon-based company saw a $1 million boost in its revenue compared to the year-ago period

globe
CUI is focused on the build-out of energy services infrastructure in the US

Shares of CUI Global Inc (NASDAQ:CUI) rose by double-digits in pre-market trading Thursday a day after the company reported revenue of $23 million in the first quarter, up from $22.0 million in the year-ago period.

CUI’s stock recently traded up 25% to $1.55.

The Tualatin, Oregon-based energy and technology company said it ended the quarter with cash and cash equivalents of $800,000, with restricted cash of $500,000.

CUI Global also reported a narrowing consolidated net loss of $3 million, compared to a loss of $3.3 million in the same quarter of 2018. The company said it produced a gross profit of $7.7 million, compared to $6.6 million.

READ: CUI Global subsidiary Orbital Gas Systems secures GasPT orders from SAMSON AG

The company also said its power and electromechanical (P&EM) segment's unaudited backlog was $19.6 million as of March 31, compared to $21.8 million at the end of December 2018.

And the energy segment's unaudited backlog was $13.4 million, compared to $15.7 million at December’s end, the company said in a statement.

"Our first quarter results reflect continued strength in our P&EM segment and the fruits of business development initiatives in our Energy segment focused on the buildout of energy services infrastructure in the US," said CEO William Clough.

--Updates pre-market stock price--

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

Quick facts: CUI Global Inc

Price: $0.70

Market: NASDAQ
Market Cap: $20.03 m
Follow

Watch

CUI Global's quarterly results will reflect 'a great deal of expansion on...

Bill Clough, chief executive of CUI Global Inc. (NASDAQ:CUI), updates Proactive Investors on the energy specialist's advancement into China, and discusses the positive impacts of the UK's new Domestic and Non-Domestic Renewable Heat Incentive (RHI) scheme. Clough says that the company...

on 1/11/18

2 min read

;