IES Holdings Reports Fiscal 2022 First Quarter Results

About this update from Ies Holdings, Inc.

[{"type":"text","content":"HOUSTON , Feb. 02, 2022 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended December 31, 2021. First Quarter 2022 Highlights Revenue of $481 million for the first quarter of fiscal 2022, an increase of 53% compared with $315 million for the same quarter of fiscal 2021Operating income of $20.3 million for the first quarter of fiscal 2022, an increase of 27% compared with $15.9 million for the same quarter of fiscal 2021Net income attributable to IES increased 20% to $14.5 million, or $0.69 per diluted share, for the first quarter of fiscal 2022, compared with $12.1 million, or $0.58 per diluted share, for the same quarter of fiscal 2021 Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) increased 19% to $17.6 million, or $0.83 per diluted share, for the first quarter of fiscal 2022, compared with $14.8 million, or $0.71 per diluted share, for the same quarter of fiscal 2021Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately $721 million as of December 31, 2021Backlog (a non-GAAP financial measure, as defined below) of approximately $948 million as of December 31, 2021 Overview of Results “As we enter a new fiscal year, demand for our services continues to be strong,” said Jeffrey Gendell, Chairman and Chief Executive Officer. “During the first fiscal quarter, we were able to grow our business and increase profitability compared with the prior year despite heightened challenges from the COVID-19 pandemic impacting labor availability and the supply chain. While the pandemic continues to add uncertainty to our operations, we remain committed to keeping our employees safe and healthy and meeting our customers’ requirements. “Consolidated revenue for the first quarter of fiscal 2022 increased 53% over the prior year, led by significant growth in our Communications and Residential businesses, including the contribution of businesses acquired in fiscal 2021. Operating income for the first quarter of fiscal 2022 increased 27% over the prior year, despite the impact of ongoing pandemic-related headwinds on our business.” Our Communications segment’s revenue was $127.4 million in the first quarter of fiscal 2022, an increase of 30...

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