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.
