20
THE DAVEY BULLETIN
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May/June 2023
LEADERSHIP
DAVEY ANNUAL SHAREHOLDERS' MEETING REFLECTS
ON SUCCESSES OF 2022 DESPITE HEADWINDS
Davey employees, retirees and executive leadership
celebrated the Davey Company's ability to stand strong
despite some challenging headwinds in 2022 during the
Annual Shareholders' Meeting in Kent in May.
Davey Chairman, President, and CEO Pat Covey, along with
Davey Executive Vice President and Chief Financial Officer
Joe Paul, gave an overview of operations and financial
performance in 2022 and highlighted several other company
developments under way in 2023.
A RECORD REVENUE YEAR IN 2022
The Davey Company reached $1.513 billion in total annual
revenue in 2022. That represented an increase of 9.7
percent over the total annual revenue of $1.379 billion
recorded in 2021.
Covey pointed to significant sales increases in both the
Residential/Commercial and Utility services segments as
reasons for the strong 2022 performance, as the company
worked to offset difficulties posed by fuel costs and labor
wage rates.
"More than anything, fuel and labor (costs) in that first
quarter really put a little hit on us," Covey said. "When fuel
and labor for us go up as fast as what they did, it's hard for
us to catch up pricing-wise. We did our best. By the end
of the year, I think we were in a really good spot, and had
gotten to a good spot by the third quarter."
Covey credited Davey Resource Group's Utility Asset
Management and Utility Vegetation Management services
with contributing to the company's strong performance,
as both operations combined reported an increase of 30
percent in sales in 2022.
"We really just can't say enough about the work that they
did to increase by 30 percent in revenue, up $63 million,"
