In This Article:
-
Revenue: $706M, up by 24% year-over-year from $569M.
-
Operating Income: $77.7M, a significant increase of 146% compared to $31.6M from the previous year.
-
Net Income: $52.9M, also up by 146% from $21.6M in the same quarter last year.
-
Earnings Per Share (EPS): Diluted EPS at $2.29, up from $0.92 year-over-year.
-
Backlog: Reported at approximately $1.4 billion as of March 31, 2024.
-
Acquisition: Completed acquisition of Greiner Industries, aiming to expand product offerings and capacity in the Infrastructure Solutions business.
-
Cash Position: Strong with $106.0M in cash and no debt as of the end of the quarter.
IES Holdings Inc (NASDAQ:IESC) disclosed its financial outcomes for the second quarter of fiscal year 2024 on May 3, 2024, revealing significant growth across key financial metrics. The detailed earnings data can be found in their recent 8-K filing.
Company Profile
IES Holdings Inc operates through its subsidiaries, focusing on the design and installation of integrated electrical and technology systems while providing infrastructure products and services. The company operates in four primary segments: Communications, Residential, Infrastructure Solutions, and Commercial & Industrial. The majority of its revenue is derived from the Residential segment, which offers electrical and HVAC installation services for both new constructions and existing residences, including solar power installations.
Financial Performance Overview
For the quarter ended March 31, 2024, IES Holdings reported a robust increase in revenue to $706 million, up 24% from $569 million in the same quarter the previous year. This growth was accompanied by a dramatic rise in operating income, which surged 146% to $77.7 million. Net income attributable to IES also mirrored this trend, escalating 146% to $52.9 million, with diluted earnings per share rising from $0.92 to $2.29.
The company's financial health was further highlighted by its remaining performance obligations, which stood at approximately $1.1 billion, and a backlog of approximately $1.4 billion as of March 31, 2024. These figures represent future revenue expected to be recognized and underscore the company's solid order book.
Segment Performance and Strategic Developments
IES's growth was not uniform across all segments but was particularly strong in the Communications and Infrastructure Solutions segments, where revenue increased by 37% and 44%, respectively. The Residential segment also showed an 11% increase in revenue, benefiting from strong market demand. Notably, the company completed the acquisition of Greiner Industries on April 1, 2024, which is expected to enhance the product offerings and capacity of the Infrastructure Solutions business.