IES Holdings Reports Fiscal 2023 Third Quarter Results

About this update from Ies Holdings, Inc.

[{"type":"text","content":"HOUSTON, Aug. 04, 2023 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended June 30, 2023. Third Quarter 2023 Highlights Revenue of $584 million for the third quarter of fiscal 2023, an increase of 3% compared with $567 million for the same quarter of fiscal 2022Operating income of $34.3 million for the third quarter of fiscal 2023, compared with $15.6 million for the same quarter of fiscal 2022Net income attributable to IES of $22.5 million for the third quarter of fiscal 2023, compared with $9.5 million for the same quarter of fiscal 2022, and diluted earnings per share attributable to common stockholders of $0.81 for the third quarter of fiscal 2023, compared with $0.33 for the same quarter of fiscal 2022Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of $27.9 million for the third quarter of fiscal 2023, compared with $12.1 million for the same quarter of fiscal 2022, and diluted adjusted earnings per share attributable to common stockholders of $1.08 for the third quarter of fiscal 2023, compared with $0.46 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 $1.1 billion as of June 30, 2023Backlog (a non-GAAP financial measure, as defined below) of approximately $1.5 billion as of June 30, 2023 Overview of Results “We are pleased with our financial performance for the third quarter of fiscal 2023,\" said Jeff Gendell, Chairman and Chief Executive Officer. \"Operating income increased substantially compared with the same quarter of fiscal 2022, when results were significantly impacted by execution difficulties on several projects. All of our business segments have continued to perform well in the face of lingering supply chain and labor challenges. Year-over-year consolidated revenue increased 3% despite the loss of revenue resulting from the divestiture of STR Mechanical in October 2022 and a planned reduction in activity at a large, underperforming branch in our Commercial & Industrial segment. We continue to be surprised by the resilience of the U.S. economy, despite consumer uncertainty and substantially higher interest rates. \"Strategically, this was an important quarter fo...

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