Davey Tree Flipbooks

Davey Bulletin July-August 2020

The Davey Tree Expert Company provides residential and commercial tree service and landscape service throughout North America. Read our Flipbooks for helpful tips and information on proper tree and lawn care.

Issue link: http://daveytree.uberflip.com/i/1280639

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Page 9 of 31

10 THE DAVEY BULLETIN | July/August 2020 DAVEY HAS RECORD YEAR IN 2019, STRONG START FOR 2020 SHAREHOLDERS' MEETING MAKES HISTORY WITH VIRTUAL BROADCAST For the first time, the Davey Annual Shareholders' Meeting was broadcast online in 2020. The virtual meeting allowed shareholders to hear updates on the company's performance in 2019 and 2020, much of which has been impacted by new safety procedures, restrictions on travel and large gatherings and Davey's ability to work in some states and provinces due to the COVID-19 pandemic. Davey Chairman, President and CEO Pat Covey and Davey Executive Vice President, Chief Financial Officer and Secretary Joe Paul reviewed the company's strong financial performance from 2019, gave an overview of operations for 2020 year-to-date, and explained Davey's response to the global coronavirus outbreak. 2019 A RECORD YEAR All of Davey's service lines achieved revenue growth in 2019, with the majority seeing improved profitability from the prior year. In total, The Davey Company reached $1.143 billion in total annual revenue for the year, which represented an increase of 11.8 percent over 2018. Davey's year-end stock price valuation for 2019 was established at $24.20 per share by Management Planning, Inc. This price reflected a 14.7 percent increase over the year-end Dec. 31, 2018, price of $21.10 per share. As the company grows, there is a consistent need for more great people, and Davey employed over 10,500 employees in 2019 – a 10 percent increase over the prior year. "Our rate of growth has accelerated in the last three years," Paul said. "We have a strong balance sheet, and that has allowed us to invest in the company through acquisitions and capital expenditures, and to give back to our shareholders through dividend payments and stock redemptions." COVID-19 RESPONSE The global COVID-19 outbreak of 2020 certainly created a number of opportunities, but despite these challenges, Davey has seen a relatively small number of infected employees as compared to national numbers, has maintained a strong financial performance and most importantly, experienced fewer recordable and lost time safety incidents as compared to the same period in 2019. Covey said 45 employees had tested positive for COVID-19 as of the week of the shareholders' meeting, which LEADERSHIP Above: For the first time in company history, the Davey Annual Shareholders' Meeting took place virtually in June. Davey Chairman, President and CEO Pat Covey, along with Davey Executive Vice President, Chief Financial Officer and Secretary Joe Paul, shared company information and updates with our shareholders online in a broadcast from the corporate office board room. Greg Dykes, pictured, provided technical support along with Sage Culley, Heather Micozzi and Thea Sears.

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