The Goldfield Corporation (NYSE Amex: GV), the U.S. southeast electric construction company, said Friday revenue nearly doubled in the quarter ended March 31 as electrical construction activity increased, sending its stock surging upward.
Shares of Melbourne, Fla.-based Goldfield rose 42 cents, or 38.1 percent, to $1.52 in Friday morning trading.
Goldfield said revenue increased to $17.7 million from $8.9 million from the prior year. Operating income rose to $2.7 million, up from a loss of $1,000 in the prior year. Net income was $2.7 million, or 10 cents per share, up from a $11,000 net loss and no earnings per share in the year-earlier period.
The company's electrical construction division led the way, with revenue of $17.1 million, up from $8.2 million in the prior year. Operating income was $3.3 million, up from $328,000 in the previous year. Its construction backlog at the end of the quarter was valued at $70.6 million, up from $6.2 million from the prior year.
Goldfield's real estate development arm had revenue of $634,000, down from $766,000 in the prior year. Operating income fell to $124,000 from $225,000 in the previous year.
Goldfield also said in February that it was awarded a $52 million contract as part of the Competitive Renewable Energy Zones (CREZ) project in Texas. The project did not account for any first quarter revenue, and is expected to be completed in Aug. 31, 2013.
The prospects for our electrical construction business are brighter today than at any time in recent history, said John Sottile, Goldfield's president and CEO. We believe that our recent expansion into Texas and our new CREZ project will provide a good opportunity for further growth in this region.