Business
IES Holdings Reports Fiscal 2023 Second Quarter Results
HOUSTON, May 10, 2023 (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, May 10, 2023 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended March 31, 2023. Second Quarter 2023 Highlights Revenue of $569 million for the second quarter of fiscal 2023, an increase of 13% compared with $502 million for the same quarter of fiscal 2022Operating income of $31.6 million for the second quarter of fiscal 2023, compared with an operating loss of $4.9 million for the same quarter of fiscal 2022Net income attributable to IES of $21.6 million, or $0.92 per share for the second quarter of fiscal 2023, compared with a net loss of $5.4 million, or $0.30 per share for the same quarter of fiscal 2022Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of $24.6 million or $1.07 per share for the second quarter of fiscal 2023, compared with adjusted net loss of $6.6 million or $0.36 per share for the same quarter of fiscal 2022Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately $1.0 billion as of March 31, 2023Backlog (a non-GAAP financial measure, as defined below) of approximately $1.4 billion as of March 31, 2023 Overview of Results “Our financial performance improved significantly in the second quarter of fiscal 2023 compared with the same quarter of fiscal 2022,” said Jeff Gendell, Chairman and Chief Executive Officer. \"Our focus on project execution and operating efficiency led to improved margins, as we addressed the operating issues that resulted in prior year losses. Although we continue to be cautious about the economic outlook and its impact on demand for construction, we are pleased with the strength and resilience of our key markets, including housing, high-tech manufacturing facilities and electrical infrastructure projects.” Our Communications segment’s revenue was $141.1 million in the second quarter of fiscal 2023, an increase of 8% compared with the second quarter of fiscal 2022, primarily driven by increased demand from data center and high-tech manufacturing customers. The segment's operating income increased to $11.8 million for the second quarter of fiscal 2023, compared with $0.2 million for the second quarter of fiscal 2022, as we benefited from improved project execution. Our resul...