THE CHURCHILL CORP. $10.47 (Toronto symbol CUQ; TSINetwork Rating: Speculative) (780-454-3667; www.churchillcorporation.com; Shares outstanding: 24.9 million; Market cap: $260.5 million; Dividend yield: 4.6%) provides building-construction, commercial and industrial electrical contracting, earthmoving and industrial insulation services to government and private sector clients, mainly in Western Canada.
In the three months ended December 31, 2013, Churchill earned $3.3 million, or $0.13 a share. That’s a big improvement from a loss of $62.8 million, or $2.56 a share, a year earlier. The year-ago results include a one-time writedown of $64.6 million.
Revenue increased 2.5%, to $297.0 million from $289.9 million. Churchill has worked through most of the less-profitable contracts it took on as part of its acquisitions, or that it negotiated when its markets were more competitive in 2009 and 2010.
The company’s order backlog stood at a record $2.12 billion at the end of December 2013, up 25.2% from $1.69 billion a year previous.
Churchill’s long-term prospects are sound, and the stock has rebounded from its low of $7 in May 2013. Meanwhile, its dividend, which yields a high 4.6%, appears safe.
However, the stock trades at a high 24.0 times the company’s forecast 2014 earnings of $0.44 a share. Moreover, its long-term debt of $132.2 million, which is a high 51% of its market cap, adds risk.
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