AETI announces Q1 results
AMERICAN ELECTRIC TECH (AETI)
US:NASDAQ Investor Relations:
aeti.com/aeti/?q=irinfo
Company Research
Source: GlobeNewswire
HOUSTON, May 15, 2018 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (NASDAQ:AETI), a leading supplier of power delivery solutions for the global energy industry, today announced its first quarter 2018 financial results. For the quarter, the company reported revenue of $8.3 million, up 3% compared with the first quarter of 2017 but down from the $12.9 million reported in the fourth quarter of 2017, primarily due to reduced backlog in the company’s oil and gas sector entering 2018. The company reported a 32% improvement in backlog, up from year ending backlog of $18.9 million to $24.9 million. This backlog increase included a multi-million dollar marine vessel project award and will be recognized as revenue beginning in the second quarter of 2018. The Company reported an EBITDA loss (a non-U.S. GAAP measure) of $2.5 million for the quarter, compared with an EBITDA loss of $2.2 million in Q1 of 2017 and an EBITDA breakeven in Q4 2017. In the quarter, the company also ann
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