The company, which supplies maintenance tools and engineering services to industry, saw earnings per share grow by 1,750 percent in 2013. Revenue grew by nearly 31 percent to $427.3 million over 2012.
Furmanite ranks No. 5 on the Houston Chronicle 100 list of top public companies. The Houston-based company was not on the list last year.
Joe Milliron, president and chief operating officer, said the company launched a series of acquisitions beginning in 2011 that added a variety of service capabilities to the Furmanite umbrella, including key components such as nondestructive testing and inspection services and engineering and technical solutions. "We have really transformed from a service provider that was sort of waiting for the phone to ring to a one-stop solution for customers by bundling our services and offering a broader range of services," Milliron said.
Furmanite also sought to expand existing service lines internally. Bob Muff, chief financial officer, said the company's revenue growth last year was credited to an even split between acquisitions and organic growth. Also helping boost the bottom line was a streamlining effort that enabled Furmanite's 86 offices on six continents to begin sharing resources and to operate cohesively. "We started operating as one company around the world," Muff said.
Milliron said the company's strong performance in terms of earnings-per-share growth and total return to shareholders (98 percent) in 2013 was also partially a result of controlling costs.
Since launching a five-year transformation plan four years ago, Furmanite has reached other milestones. Compared with 2009, revenue and employee head count are projected to double this year.
During the past four years, Furmanite has completed eight acquisitions, reported positive earnings in 15 of the 17 quarters, and more than doubled its market capitalization.
http://www.houstonchronicle.com/business/chron-100/article/No-5-Furmanite-5565454.php
