Welcome to the 29th edition of The ESOP Builder – an internal publication only for the employees of JE Dunn Construction. Our goal remains to keep everyone informed about the Employee Stock Ownership Plan and how the program impacts you as an employee-owner of JE Dunn.
This edition of ESOP Builder includes a spotlight on a JE Dunn Healthcare project in San Antonio, a look at celebrating ESOP Month at JE Dunn, a spotlight on an employee-owner who wears many hats in the Midwest, and more. A complete set of all ESOP information can be found on Connect. If you have ESOP questions that you cannot find answers to, please direct them to Anne Wright.
We are always looking for suggestions for The ESOP Builder content and ways to improve this publication. Please send feedback and ideas to Keli Schneider.
October is Employee Ownership Month! Our headquarters and the Kansas City office kicked off Employee Ownership Month with an ESOP discussion and breakfast featuring eggs, sausage, orange juice and pancakes on Monday, October 2. Our ESOP Advisory Committee met on October 5 with our ESOP Trustee and Valuation firms to kick off our annual valuation process. As a reminder, Ti-Trust serves as our ESOP Trustee, and they engage Stout to complete the annual valuation for the JE Dunn Construction Group shares that are held by the ESOP Trust. The valuation process will be completed mid-January 2024, and the share price will be communicated shortly thereafter.
Construction revenue for the year is currently forecasted at $6.3 billion compared to 2022 construction revenue of $5.8 billion. Operating income as a percentage of construction revenue is currently forecasted at 1.60% compared to 1.98% for 2022. Earnings before taxes as a percentage of construction revenue (return on revenue) is currently forecasted at 2.88% for 2023 compared to 2.47% for 2022. The primary driver of the increase in return on revenue percentage for 2023 is a realized gain on an investment in our captive insurance company, William Henry Insurance.
The Board of Directors approved a $1.42 per share dividend on September 14, 2023, and a $.99 per share dividend on June 20, 2023.
Thank you for your hard work and dedication to our JE Dunn team. As we close out 2023, focusing on our KSIs, especially KSI #4: Best People + Right Culture and KSI #6: Operational Excellence, will ensure a successful year financially.
Click here to see how our ESOP ownership has grown over the years.
New employee owner polos and stock certifications are distributed.
ESOP Builder distribution. Read a letter from the CFO, enjoy employee owner spotlights, and learn other valuable ESOP insights.
As an employee-owner, I try to be proactive with my daily tasks and project needs. It helps eliminate lost time due to lack of productivity. Lost time equals lost money. Working with our safety professionals on-site to accurately anticipate what is needed helps ensure safe performance by all on our projects. Safe work performance on all projects helps improve our ESOP.
Studies have shown that ESOP participants have almost three times the retirement assets as workers in comparable non-ESOP companies.
Employees at ESOP Companies receive 5-12 percent more in wages.
Manufacturing, Engineering, Construction, and Banking are the most common industries with ESOPs.
