Business
IES Holdings Reports Fiscal 2024 Third Quarter Results; Board Authorizes New $200 Million Share Repurchase Program
HOUSTON, Aug. 02, 2024 (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. 02, 2024 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended June 30, 2024. Third Quarter 2024 Highlights and Recent Developments Revenue of $768 million for the third quarter of fiscal 2024, an increase of 31% compared with $584 million for the same quarter of fiscal 2023Operating income of $90.2 million for the third quarter of fiscal 2024, an increase of 163% compared with $34.3 million for the same quarter of fiscal 2023Net income attributable to IES of $62.1 million for the third quarter of fiscal 2024, an increase of 175% compared with $22.5 million for the same quarter of fiscal 2023, and diluted earnings per share attributable to common stockholders of $2.67 for the third quarter of fiscal 2024, compared with $0.81 for the same quarter of fiscal 2023Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of $62.1 million for the third quarter of fiscal 2024, an increase of 123% compared with $27.9 million for the same quarter of fiscal 2023, and diluted adjusted earnings per share attributable to common stockholders of $2.67 for the third quarter of fiscal 2024, compared with $1.08 for the same quarter of fiscal 2023Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately $1.2 billion as of June 30, 2024Backlog (a non-GAAP financial measure, as defined below) of approximately $1.7 billion as of June 30, 2024Board of Directors authorized a new $200 million share repurchase program Overview of Results “Our continued strong financial performance in the third quarter of fiscal 2024 reflects the benefit of the investments we have made to support the growth of our businesses,\" said Jeff Gendell, Chairman and Chief Executive Officer. \"Our Residential segment continues to expand our plumbing and HVAC service offerings into markets where we previously offered only electrical services, while also expanding all service offerings into new geographic markets. These expansions, combined with increasing market share in existing electrical markets, have resulted in our Residential segment's growth outpacing growth of the housing market in general. Our Communications, Infrastructure Solutions, and Commercial & Industrial s...