Business
Energy Services of America Reports Fiscal First Quarter 2025 Results
HUNTINGTON, W.Va., Feb. 10, 2025 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), today announced
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., Feb. 10, 2025 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), today announced its results for its fiscal first quarter ended December 31, 2024.\n\nFirst Quarter Summary (1)\nRevenue of $100.6 million, a 12% increaseGross profit of $10.3 million, compared to $10.8 millionNet income of $854,000 or $0.05 per diluted share, compared to $2.0 million, or $0.12 per diluted shareAdjusted EBITDA of $4.3 million compared to $5.8 millionBacklog of $260.2 million compared to $243.2 million as of September 30, 2024Acquired Tribute Contracting & Consultants on December 2nd(1) All comparisons are versus the comparable prior year period, unless otherwise stated.\n\"Our first quarter results reflect the continued growth within our distribution and Electrical, Mechanical, and General segments and a partial contribution from our purchase of Tribute,\" said Doug Reynolds, President. \"Profitability for the quarter was impacted by weather and the timing of projects within the Gas & Water Distribution business lines, but we expect to return to normal margin levels in the coming quarters.\"\n\"Demand for projects in the markets we serve remain strong as we continue to experience increased infrastructure project spending, and our backlog increased sequentially and year-over-year through a combination of organic and inorganic growth. We will continue to focus on projects that offer the best return profiles while looking to be strategic with acquisitions. Overall, we believe we remain well-positioned to capitalize on the strong macro tailwinds and deliver long-term value to our shareholders,\" Mr. Reynolds concluded.\nFirst Quarter Fiscal 2025 Financial Results Total revenues for the period equaled $100.6 million, compared to $90.2 million in the first quarter of fiscal 2024. The year-over-year increase was primarily driven by increased work within the Gas & Water Distribution and Electrical, Mechanical and General business lines.\nGross profit was $10.3 million, compared to $10.8 million in the prior-year quarter. Gross margin was 10.2% of revenues, compared to 12.0% of revenues in the first quarter of fiscal 2024. The decrease is related to lower profit within the Gas & Petroleum Transmission segment.\nSelling and administrative expenses were $8.6 million, compared to $7...