Business
IES Holdings Reports Fiscal 2020 First Quarter Results
- Revenue of $276 million, an increase of 13% year-over-year- Net Income Per Share of $0.39 and Adjusted Net Income Per Share of $0.54 HOUSTON, Feb. 04, 2020
About this update from Ies Holdings, Inc.
[{"type":"text","content":"- Revenue of $276 million, an increase of 13% year-over-year- Net Income Per Share of $0.39 and Adjusted Net Income Per Share of $0.54\n HOUSTON, Feb. 04, 2020 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended December 31, 2019. First Quarter of Fiscal Year 2020 Highlights Revenue of $276 million for the first quarter of fiscal 2020, an increase of 13% compared with $244 million for the first quarter of fiscal 2019Operating income of $12.4 million for the first quarter of fiscal 2020, an increase of 31% compared with $9.5 million for the first quarter of fiscal 2019Net income attributable to IES of $8.5 million, or $0.39 per diluted share, for the first quarter of fiscal 2020, compared with $6.9 million, or $0.32 per diluted share, for the first quarter of fiscal 2019Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) increased 35% to $11.3 million, or $0.54 per diluted share, for the first quarter of fiscal 2020, compared with $8.4 million, or $0.40 per diluted share, for the first quarter of fiscal 2019Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately $430 million as of December 31, 2019Backlog (a non-GAAP financial measure, as defined below) of approximately $509 million as of December 31, 2019 Management CommentaryGary S. Matthews, Chief Executive Officer, stated, “I am pleased with our first quarter performance, with revenue and operating income ahead of last year by 13% and 31%, respectively. Our Residential and Communications segments continue to demonstrate strong growth and execution, highlighted by operating income exceeding our prior year first quarter by $2.5 million and $2.0 million, respectively. Both segments are seeing increased demand from current customers and an expanding customer base. Infrastructure Solutions increased operating income by $1.9 million compared to prior year as it benefitted from improvements in project execution. Commercial & Industrial continues to be impacted by a combination of inefficiencies on several projects and reduced volume in a competitive marketplace. To address these issues, we have invested in a number of initiatives that we are implementing over the remainder of fi...