Pike Profit Rises On Lower Expenses

(RTTNews) - Pike Corp (PIKE) Wednesday reported second-quarter net earnings of $4.2 million or $0.13 per share compared with $0.6 million or $0.02 per share last year.

Revenues for the quarter were $198.9 million compared with $200.2 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.13 per share on revenues of $215.3 million for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter included expenses of $0.03 per share related to the merger agreement to take the company private.

The company's cost of operations decreased by $2 million from last year to $172.2 million, and general and other costs fell to $18.4 million from $18.7 million. The quarter also included a gain on property and equipment of $1.3 million.

Pike Corp, based in Mount Airy, North Carolina, is a specialty construction and engineering company serving the electric power industry.