Business
Energy Services of America Reports Fiscal Second Quarter 2024 Results
HUNTINGTON, W.Va., May 8, 2024 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), today announced its
About this update from Energy Services Of America Corporation
[{"type":"text","content":"HUNTINGTON, W.Va., May 8, 2024 /PRNewswire/ -- Energy Services of America Corporation (the \"Company\" or \"Energy Services\") (Nasdaq: ESOA), today announced its results for its fiscal second quarter ended March 31, 2024.\n\nSecond Quarter Summary (1)\nRevenue of $71.1 million, a 33% increaseGross profit of $6.2 million, a 60% increaseNet loss improved by $765,000 to $1.1 million, or ($0.07) per shareAdjusted EBITDA improved by $1 million to $923,000Backlog of $222.8 million compared to $224.6 million(1) All comparisons are versus the comparable prior year period, unless otherwise stated.\n\"Our second quarter results reflect the continued growth and improved operating performance across all of our business lines,\" said Doug Reynolds, President. \"Although the second quarter is historically our most challenging due to weather, we added approximately $37 million to our backlog compared to the first quarter, and we believe our recent staffing initiatives will allow us to effectively manage these construction projects going forward.\"\n\"We believe the outlook for the industries we serve remains strong for the foreseeable future. We have a robust backlog and have seen greater than anticipated demand which allows us to prioritize our project selection on those that offer more favorable margin profiles. Overall, we believe are well-positioned with strong macro tailwinds that will allow us to continue to deliver long-term value to our shareholders in the coming quarters and beyond,\" Mr. Reynolds concluded.\"\nSecond Quarter Fiscal 2024 Financial ResultsTotal revenues for the period equaled $71.1 million, compared to $53.7 million in the second quarter of fiscal 2023. The year-over-year increase was primarily driven by increased work within the Gas & Petroleum Transmission and Electrical, Mechanical and General business lines.\nGross profit was $6.2 million, compared to $3.9 million in the prior-year quarter. Gross margin was 8.8% of revenues, compared to 7.3% of revenues in the second quarter of fiscal 2023. The increase is related to sales mix across the business.\nSelling and administrative expenses were $7.3 million, compared to $5.9 million in the prior-year quarter. The increase is primarily related to additional personnel hired to secure and manage work for expected growth.\nNet loss was $1.1 million, or ($0.07) per share, co...