COMPANY GOALS – Q3 RESULTS & Q4 PLANS!
We are more than 75% of the way through 2021. In July I stated that it felt like COVID was in our rear view mirror, unfortunately that is not what happened as the world got hit with the Delta variant and it impacted Weifield, both our employees and a few of our projects. Luckily and most importantly we have not lost any colleagues from COVID, but highly likely some will be impacted and certain projects will require their contractors to be fully vaccinated to perform work. We finally acquired a company in Nashville and started the integration process. Going forward we will support our new team members and report on their successes. Unfortunately a few people on our Leadership Team left Weifield during the quarter, but we were successful in onboarding several new people in each region on our Precon and Operations teams. We look forward to getting them integrated into Weifield and helping them to be successful.
The purpose of this note is to provide you with some high level results from Q3 (July – September) and share our plans for Q4 that will put us in a great position entering 2022.
- Rocks – We established 5 company Rocks (quarterly priorities) and completed 4 of them:
Comments: We still have a few key positions to fill in Precon (Chief Estimator and Senior Estimator) and in Ops (TX General Superintendent). I will also be working to fill our open General Counsel position during Q4. We established three Future Betterment Teams to identify opportunities from the employee engagement survey, we continued to make progress on implementing our core systems (Sage Intacct, Service Titan and WorkforceGo), and there were many events to engage with existing and potential clients. We finally acquired an electrical contractor, CGI, in Franklin, TN (suburb of Nashville) and began the integration process.
- Sales, Revenue and Profitability
- Sales – We are well short of our Q3 targets for 2021 in all markets. It continues to be a highly competitive environment to win work, and the entire process is taking longer than in the past. Labor and material costs continue to be challenges on many bids. On the positive side, there are a lot of great projects we are bidding and have received many verbal awards that start in Q4 and 2022 that will help hit our annual sales goals and improve our backlog. Precon has added additional people recently and everyone is focused on winning new work.
- Revenue – This is money brought into the company. Rocky Mountain Region (CO/WY) is in a positive place at this point in the year, due to some good projects where our field has performed effectively and efficiently. Texas Region continues to be below plan, but moving forward several of the challenging projects have been finished. Nashville is also behind plan, but we are pursuing some new opportunities that start and finish in Q4 to help meet our plan.
- Profitability – This is what we deliver to the bottom line and reinvest into the company. Based on where we are and forecasts for Q4, Rocky Mountain will be at or above plan while TX and TN will be below plan on margin and profit. It’s important that everyone manage expenses and focus on those things that will help bring in revenue or make us more productive.
- Other items
- Training – We continued to train our team through existing courses. We also launched the Leadership III training program in July. This is a high level leadership program for our Ops/field managers (16-20 individuals) and includes 6 all-day classes held over 15 months. In between classes there is homework and planning required by each individual. We will be rolling out more sessions for others to be involved. Individuals are selected by Ops Sr. Leaders (Pete, James, Richard, CJ, etc.) to participate, so reach out those individuals if you want to know more.
- Recognition and Awards – Weifield received a number of awards during the quarter, including:
- 2021 Denver Business Journal Fast 50 Award Finalist
- 2021 ENR Awards
> Lakewood Data Center (Merit Award)
> Rocky Mountain Buell Public Media Center
> Blue Federal Credit Union
> CSU Moby Geo Exchange
> Centennial Medical Hospital
- 2021 Denver Business Journal C-Suite Award Winner – Karla Nugent
- 2021 INC. 5000 List of America’s Fastest-Growing Companies
- Challenges – Continued to experience issues with materials costs and availability, this is not expected to get better in the near future. Finding and hiring new people has also been difficult in all of the markets we do business in, we need everyone to be a recruiter and keep an eye out for great people that might want to join Weifield.
The Leadership Team met on Tuesday, September 21 for our Quarterly Planning Session. We reviewed our performance for Q3 and established the following priorities for Q4:
We will be sharing more Q3 results, including financial and operational, and updating you on the progress with our Q4 Rocks over the next few weeks.
2021 Company Goals
Finally, we are in good shape to reach our 2021 goals that were established at the beginning of the year. As a reminder, here are our company goals for 2021:
It’s because of all of you that Weifield is a successful company and great place to work. Thank you for all you do for our clients, our company and our employees.