VME Earnings Up 3 Years in a Row Despite Industry Downturn
March 2, 2017 (TYLER, TX) – VME has announced that three-year earnings from 2014 through the end of 2016 continue to exceed expectations. The company demonstrated solid execution of its backlog in 2016, capping a streak of increased profitability in the face of low oil prices.
President & CEO Michael Thomas said, “We are pleased to report that despite the economic challenges of recent years, 2016 earnings exceeded our plan by more than 30% . While 2017 bidding activity remains flat for our international business, we expect the trend to strengthen from the 2H2017 into 2018 as more offshore projects are sanctioned around the world.”
Vice-President Greg Jean reported, “Our US division finished 2016 on a positive note even though oil prices remained down. We see domestic sales growing substantially in coming months and expect to post solid earnings for 2017.”