6
THE DAVEY BULLETIN
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May/June 2025
LEADERSHIP
The Davey Company reached $1.841 billion in total annual
revenue in 2024. That represented an increase of 8.8 percent
over the total annual revenue of $1.697 billion in 2023.
"The company's earnings are strong," Paul said. "The overall
trend and progression over the past 10 years is upward."
Paul also presented on company stock performance and
employee ownership participation. Paul said the number
of active shareholders increased significantly in 2024 and
credited that in part to a change approved by shareholders
last year to shorten the eligibility time period for the
Employee Stock Purchase Plan from 1 year to six months.
"We're proud of Davey's employee ownership and the
culture it creates," Paul said.
TELEMATICS DRIVER SAFETY UPDATE
Senior Vice President, Treasurer and Operations Support,
Chris Bast updated shareholders on the Davey Motive
Telematics/Camera Driver Safety Platform.
Bast said the focus of Telematics is to improve the safety
of our employees, the communities in which they work,
and to reduce risk to the company from fleet insurance
and accident claims.
"This process started in early 2024," Bast said. "During
the pilot program, we saw unsafe driver behaviors reduced
by 87 percent."
The in-cab, forward-facing and driver-facing camera
technology is being installed in over 8,000 on-road vehicles
HISTORIC FIRST FOR 2025 DAVEY SHAREHOLDERS' MEETING
For the first time ever, the Davey Annual Shareholders'
Meeting was held inside the barn meeting space at the
Davey SEED (Science, Employee Education and
Development) Campus in Kent, Ohio, across from the
corporate headquarters.
Construction is wrapping up on the campus as it prepares
to open to employees later this summer, but the historic,
preserved and rebuilt barn space was finished in time for
the shareholders' meeting.
Davey Chairman, President and CEO Pat Covey, who
presented on 2024 company highlights and successes, said
the SEED Campus is a true testament to what the Davey
Company has stood for over the past 145 years.
"The SEED Campus is a way to give back to our employees
in the field," Covey said. "Every bit of it. Whether it's the
wetland bog, the canopy walk, the indoor climbing training
center, the research plots, the classrooms, to the landscapes
and trees. This campus is all about training for all the work
that we do out there every day in the field. We plan for this
campus to be a recruiting tool, a training tool, a research
tool that will bring home a lot of the things Davey has
represented for 145 years."
2024 FINANCIAL REVIEW
Davey Executive Vice President and Chief Financial Officer
Joe Paul updated shareholders on the company's 2024
financial performance.
Davey Chairman, President, and CEO Pat Covey speaks to shareholders
in the new barn meeting space at the Davey SEED Campus.
