Business
IES Holdings Reports Fiscal 2022 Third Quarter Results
HOUSTON, Aug. 04, 2022 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter
About this update from Ies Holdings, Inc.
[{"type":"text","content":"HOUSTON, Aug. 04, 2022 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended June 30, 2022. Third Quarter 2022 Highlights Revenue of $567 million for the third quarter of fiscal 2022, an increase of 40% compared with $406 million for the same quarter of fiscal 2021Operating income of $15.6 million for the third quarter of fiscal 2022, a decrease of 30% compared with $22.5 million for the same quarter of fiscal 2021Net income attributable to IES of $9.5 million, or $0.33 per diluted share, for the third quarter of fiscal 2022, compared with $19.3 million, or $0.92 per diluted share, for the same quarter of fiscal 2021 Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of $12.1 million, or $0.46 per diluted share, for the third quarter of fiscal 2022, compared with $20.7 million, or $0.99 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 $894 million as of June 30, 2022Backlog (a non-GAAP financial measure, as defined below) of approximately $1.2 billion as of June 30, 2022 Overview of Results “Demand for our services remained strong, with revenue increasing 40% for the third quarter of fiscal 2022 compared with the same quarter of fiscal 2021, and our profitability improved compared with the second quarter of fiscal 2022,” said Jeff Gendell, Chairman and Chief Executive Officer. \"However, our operating performance continued to be impacted by a combination of factors, including a volatile commodities market, labor inefficiencies and workforce disruptions related to COVID-19. Furthermore, as previously disclosed, we recorded significant losses in the second quarter of fiscal 2022 on a number of projects in our Commercial & Industrial and Communications segments due to a combination of execution challenges, project rework and operating inefficiencies, and we continued to incur costs in the third quarter of fiscal 2022 as we work to complete and close out these projects.” Our Communications segment’s revenue was $144.7 million in the third quarter of fiscal 2022, an increase of 25% compared with the third quarter of fiscal 2021, primarily driven by increased demand from ...