ENGlobal Touts $8.3m in New Business

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, May 28, 2020

Any morsel of good news is welcome in this pandemic day and age. Houston-based ENGlobal (NASDAQ:ENG), came out Wednesday with fresh tidings.

ENGlobal, a leading provider of engineered modular solutions, has secured $8.3 million in new business thus far in the second quarter of this year, which represents new purchase orders plus additional scope on existing agreements.

Among the projects: Additional scope of work valued at $2.8 million on a Midwestern U.S. renewable diesel facility.

Also, a signed extension worth $2.1 million for analytical equipment and support services at a major refinery, and two purchase orders totaling $900 thousand to design and supply analytical buildings for a Louisiana petrochemical plant.

CEO William Coskey said, "We continue to pursue much larger modular automation systems and process plant awards that would significantly add to our backlog. These opportunities and proposals are in various stages of development, and we expect to provide further information as the year progresses."

Shares in ENGlobal closed Wednesday up five cents, or nearly 5%, to $1.06, on volume of just over a million shares.

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