HOUSTON, July 29, 2024 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or "IES" or the "Company") (NASDAQ: IESC) today announced that it will release fiscal 2024 third quarter results before the market opens on Friday, August 2, 2024. About IES Holdings, Inc. IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 9,000 empl ...

IES Holdings (NASDAQ:IESC), formerly known as Integrated Electrical Services, is a small company. It employs about 8,000 electricians who wire up everything from houses in subdivisions to high-tech data centers. Currently, IESC stock has a market capitalization of $3.23 billion and is trading at 21 times future earnings estimates. That said, the stock is up 765% in the last five years having more than tripled in the past 12 months. Already in 2024, IES Holdings' share price has doubled. The company recently ...

[Fiscal 2024 Second Quarter Financial Highlights](index=1&type=section&id=Fiscal%202024%20Second%20Quarter%20Financial%20Highlights) IES Holdings reported a strong second quarter for fiscal 2024, with significant year-over-year growth across key financial metrics, driven by robust demand and improved margins [Overview of Q2 2024 Results](index=1&type=section&id=Overview%20of%20Q2%202024%20Results) IES Holdings reported a strong second quarter for fiscal 2024, with significant year-over-year growth across key financial metrics, driven by robust demand in residential housing and data center markets, coupled with improved margins from operational efficiencies Q2 Fiscal 2024 Key Financial Metrics (YoY Comparison) | Metric | Q2 FY 2024 | Q2 FY 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $706 million | $569 million | +24% | | Operating Income | $77.7 million | $31.6 million | +146% | | Net Income Attributable to IES | $52.9 million | $21.6 million | +146% | | Diluted EPS | $2.29 | $0.92 | +149% | | Adjusted Net Income | $52.9 million | $24.6 million | +115% | | Adjusted Diluted EPS | $2.29 | $1.07 | +114% | - The company's future revenue streams appear solid, with remaining performance obligations (RPO) at approximately **$1.1 billion** and a total backlog of **$1.4 billion** as of March 31, 2024[5](index=5&type=chunk) - Subsequent to the quarter's end, IES completed the acquisition of Greiner Industries to expand the product offerings, capacity, and geographic reach of its Infrastructure Solutions business[5](index=5&type=chunk)[7](index=7&type=chunk) [Management Commentary and Business Outlook](index=1&type=section&id=Management%20Commentary%20and%20Business%20Outlook) Management expressed satisfaction with Q2 performance, attributing it to strategic investments and strong end markets, while highlighting a strong financial position for future growth [CEO and Management Outlook](index=1&type=section&id=CEO%20and%20Management%20Outlook) Management expressed satisfaction with the Q2 performance, attributing it to strategic investments and strong end markets, particularly in residential housing and data centers, while highlighting margin benefits from process improvements and operating leverage, and a strong cash position with no debt - CEO Jeff Gendell credited the strong performance to investments supporting organic growth and continued strength in residential and data center markets[4](index=4&type=chunk) - Strategic expansion of the Infrastructure Solutions segment was a key focus, evidenced by the acquisition of Greiner Industries and the leasing of a new fabrication facility in Rock Hill, South Carolina[7](index=7&type=chunk) - CFO Tracy McLauchlin highlighted the strong financial position with **$106.0 million** in cash and no debt, while also noting that the company will have a higher cash tax rate in fiscal 2024 due to the utilization of federal tax net operating loss carryforwards in fiscal 2023[12](index=12&type=chunk) - President and COO Matt Simmes emphasized the focus on improving procurement, contract terms, and labor management to drive margin expansion, particularly in the Commercial & Industrial segment[12](index=12&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) Analysis of segment performance reveals significant revenue and operating income growth across Communications, Residential, Infrastructure Solutions, and Commercial & Industrial segments [Communications](index=2&type=section&id=Communications) The Communications segment delivered substantial growth, with revenue increasing **37%** year-over-year to **$193.6 million**, primarily driven by heightened demand from the data center end market, and operating income more than doubled to **$21.9 million** Communications Segment Performance (Q2 FY2024 vs Q2 FY2023) | Metric | Q2 FY 2024 | Q2 FY 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $193.6 M | $141.1 M | +37.2% | | Operating Income | $21.9 M | $11.8 M | +85.6% | - The primary driver for the segment's revenue growth was increased demand across the business, with a particular strength noted in the data center market[7](index=7&type=chunk) [Residential](index=2&type=section&id=Residential) The Residential segment's revenue grew **11%** to **$339.3 million**, supported by firm demand in the single-family housing market and strong execution in its multi-family business, with operating income more than doubling to **$34.7 million** Residential Segment Performance (Q2 FY2024 vs Q2 FY2023) | Metric | Q2 FY 2024 | Q2 FY 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $339.3 M | $306.1 M | +10.8% | | Operating Income | $34.7 M | $16.8 M | +106.5% | - While the multi-family market outlook suggests a potential slowdown, the company expects to find growth opportunities through the expansion of its plumbing and HVAC offerings[8](index=8&type=chunk) [Infrastructure Solutions](index=2&type=section&id=Infrastructure%20Solutions) This segment reported a **44%** increase in revenue to **$75.8 million**, driven by strong demand for its custom power solutions, particularly generator enclosures for the data center market, and operating income nearly doubled to **$16.1 million** Infrastructure Solutions Segment Performance (Q2 FY2024 vs Q2 FY2023) | Metric | Q2 FY 2024 | Q2 FY 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $75.8 M | $52.6 M | +44.1% | | Operating Income | $16.1 M | $8.2 M | +96.3% | - Growth was primarily fueled by continued strong demand in the custom power solutions business, serving the data center end market[9](index=9&type=chunk) [Commercial & Industrial](index=2&type=section&id=Commercial%20%26%20Industrial) The Commercial & Industrial segment's revenue increased by **41%** to **$97.0 million**, with operating income dramatically improving to **$11.7 million** from **$0.4 million** in the prior-year quarter, largely due to a strong contribution from a large data center project Commercial & Industrial Segment Performance (Q2 FY2024 vs Q2 FY2023) | Metric | Q2 FY 2024 | Q2 FY 2023 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $97.0 M | $69.0 M | +40.6% | | Operating Income | $11.7 M | $0.4 M | +2825% | - The improved results were largely driven by a strong contribution from a large data center project where performance exceeded estimates[11](index=11&type=chunk) [Corporate Actions and Policies](index=3&type=section&id=Corporate%20Actions%20and%20Policies) The company maintains an active stock repurchase program, with **$37.6 million** remaining available under the current authorization as of March 31, 2024 [Stock Buyback Plan](index=3&type=section&id=Stock%20Buyback%20Plan) The company has an active stock repurchase program authorized by the Board of Directors in December 2022, with no shares repurchased during the second quarter of fiscal 2024, leaving **$37.6 million** available - The Company did not repurchase any shares during the quarter ended March 31, 2024[13](index=13&type=chunk) - As of March 31, 2024, **$37.6 million** remained available for repurchases under the existing **$40 million** stock repurchase program[13](index=13&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The financial statements reflect IES Holdings' strong financial health, with significant revenue growth, increased profitability, robust cash position, and no long-term debt [Condensed Consolidated Statement of Operations (Income Statement)](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations%20%28Income%20Statement%29) The income statement for the three months ended March 31, 2024, shows a significant increase in profitability, with revenues growing to **$705.8 million**, gross profit to **$171.6 million**, operating income to **$77.7 million**, and net income attributable to IES to **$52.9 million** Income Statement Highlights (Three Months Ended March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $705.8 M | $568.9 M | | Gross Profit | $171.6 M | $100.9 M | | Operating Income | $77.7 M | $31.6 M | | Net Income Attributable to IES | $52.9 M | $21.6 M | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, the company's balance sheet reflects a strong financial position, with total assets growing to **$1.1 billion**, cash and cash equivalents increasing to **$106.0 million**, no long-term debt, and total stockholders' equity rising to **$534.8 million** Balance Sheet Highlights (As of) | Metric | March 31, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $106.0 M | $75.8 M | | Total current assets | $796.5 M | $671.3 M | | Total assets | $1,101.2 M | $981.6 M | | Long-term debt | $0.0 M | $0.0 M | | Total liabilities | $506.2 M | $481.7 M | | Total stockholders' equity | $534.8 M | $449.9 M | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended March 31, 2024, net cash provided by operating activities was **$58.7 million**, resulting in a net increase in cash of **$30.2 million** and an ending cash balance of **$106.0 million** Cash Flow Summary (Six Months Ended March 31, 2024) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash provided by operating activities | $58.7 M | | Net cash used in investing activities | ($11.4 M) | | Net cash used in financing activities | ($17.1 M) | | **Net increase in cash** | **$30.2 M** | | **Cash at end of period** | **$106.0 M** | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) The company utilizes non-GAAP financial measures like adjusted net income, EPS, EBITDA, and backlog to provide clearer insights into underlying business trends and operational performance [Definition of Non-GAAP Measures](index=3&type=section&id=Definition%20of%20Non-GAAP%20Measures) The company uses non-GAAP financial measures such as adjusted net income, adjusted EPS, adjusted EBITDA, and backlog to provide investors with useful information for identifying underlying business trends and comparing financial performance across periods - Non-GAAP measures are used to distinguish non-recurring events (e.g., litigation settlements, sale of a business) or non-cash events (e.g., impairment charges) to better identify underlying operational trends[15](index=15&type=chunk) - Backlog is a non-GAAP measure that includes GAAP-defined remaining performance obligations (RPO) plus signed agreements and letters of intent where work has not yet begun[16](index=16&type=chunk) [Reconciliation of Adjusted Net Income and EPS](index=7&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20EPS) For the second quarter of fiscal 2024, the company's adjusted net income attributable to IES was **$52.9 million**, with adjusted diluted EPS of **$2.29**, compared to an adjusted net income of **$24.6 million** and adjusted diluted EPS of **$1.07** in the prior year Adjusted Net Income and EPS (Three Months Ended March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net Income Attributable to IES | $52.9 M | $21.6 M | | Adjusted Net Income Attributable to IES | $52.9 M | $24.6 M | | Adjusted Diluted EPS | $2.29 | $1.07 | [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for the second quarter of fiscal 2024 was **$83.1 million**, a significant increase from **$36.9 million** in the prior-year quarter, calculated by adjusting net income for taxes, interest, depreciation, amortization, and non-cash equity compensation Adjusted EBITDA Reconciliation (Three Months Ended March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net Income Attributable to IES | $52.9 M | $21.6 M | | EBITDA | $81.6 M | $35.9 M | | **Adjusted EBITDA** | **$83.1 M** | **$36.9 M** | [Backlog and Remaining Performance Obligations](index=12&type=section&id=Backlog%20and%20Remaining%20Performance%20Obligations) As of March 31, 2024, the company's total backlog stood at **$1.36 billion**, composed of **$1.07 billion** in remaining performance obligations (RPO) and an additional **$298 million** from signed agreements and letters of intent Backlog Reconciliation (As of March 31, 2024) | Component | Amount (in millions) | | :--- | :--- | | Remaining performance obligations | $1,065 | | Agreements without an enforceable obligation | $298 | | **Total Backlog** | **$1,363** |

Financial Performance - Consolidated revenues for the three months ended March 31, 2024, were $705.7 million, an increase of 24.1% compared to $568.9 million for the same period in 2023[111] - Gross profit for the three months ended March 31, 2024, increased to $171.6 million, representing a gross profit margin of 24.3%, up from 17.7% in the same period of 2023[112] - Net income attributable to IES Holdings, Inc. for the three months ended March 31, 2024, was $52.9 million, compared to $21.6 million for the same period in 2023, reflecting a net income margin increase from 3.8% to 7.5%[111] - Consolidated revenues for the six months ended March 31, 2024, were $1.34 billion, an increase of 17.2% compared to $1.14 billion for the same period in 2023[116] - Net income for the six months ended March 31, 2024, was $100.4 million, compared to $52.9 million for the same period in 2023, with a net income margin increase from 4.6% to 7.5%[116] - The overall gross profit percentage for the six months ended March 31, 2024, increased to 23.5%, compared to 17.2% for the same period in 2023[117] Segment Performance - Revenues for the Communications segment increased by $52.4 million, or 37.1%, during the three months ended March 31, 2024, driven by higher demand from data center customers[120] - Gross profit for the Communications segment for the three months ended March 31, 2024, was $38.9 million, with a gross profit margin of 20.1%, up from 17.8% in the same period of 2023[121] - The Residential segment's revenues increased by $33.3 million, or 10.9%, during the three months ended March 31, 2024, driven by strong demand in the single-family business and expansion of plumbing and HVAC offerings[127] - Gross profit in the Residential segment increased by $33.8 million, or 61.7%, for the three months ended March 31, 2024, with gross profit margin rising to 26.1%[128] - Revenues in the Infrastructure Solutions segment increased by $23.2 million, or 44.0%, during the three months ended March 31, 2024, primarily due to strong demand in custom power solutions[134] - Gross profit in the Infrastructure Solutions segment increased by $9.6 million, with gross profit margin improving from 27.0% to 31.3% for the three months ended March 31, 2024[135] - Revenues in the Commercial & Industrial segment increased by $28.0 million, or 40.6%, during the three months ended March 31, 2024, attributed to a large data center project[140] - Gross profit in the Commercial & Industrial segment increased by $13.5 million, with gross profit margin rising from 9.8% to 20.9% for the three months ended March 31, 2024[141] Expenses - Selling, general and administrative expenses for the three months ended March 31, 2024, were $95.3 million, a 37.4% increase from $69.3 million in the same period of 2023[114] - Selling, general and administrative expenses for the six months ended March 31, 2024, were $181.1 million, a 32.1% increase from $137.1 million in the same period of 2023[118] - The Communications segment's selling, general and administrative expenses increased by $6.2 million, or 24.2%, for the six months ended March 31, 2024, compared to the same period in 2023, with expenses as a percentage of revenues at 8.8%[126] - Selling, general and administrative expenses in the Residential segment rose by $17.3 million, or 45.4%, during the three months ended March 31, 2024, with expenses as a percentage of revenue increasing to 16.3%[129] - Selling, general and administrative expenses in the Commercial & Industrial segment increased by $2.3 million, or 36.0%, during the three months ended March 31, 2024, with expenses as a percentage of revenue decreasing to 9.0%[142] Cash Flow and Liquidity - Net cash provided by operating activities for the six months ended March 31, 2024, was $58.7 million, a decrease from $60.1 million in the same period of 2023[172] - Net cash used in investing activities was $11.4 million for the six months ended March 31, 2024, compared to $12.3 million provided in the same period of 2023[173] - Net cash used in financing activities for the six months ended March 31, 2024, was $17.1 million, a decrease from $82.1 million in the same period of 2023[174] - As of March 31, 2024, the company's liquidity was $249.5 million, with excess availability of $143.5 million, representing over 50% of minimum liquidity[168] - The company had no outstanding borrowings under its revolving credit facility as of March 31, 2024[170] Liabilities and Obligations - Total current liabilities increased by $33.7 million to $434.2 million, driven by a $24.0 million increase in billings in excess of costs[162] - Remaining performance obligations as of March 31, 2024, were $1,065.4 million, compared to $1,072.6 million as of December 31, 2023[158] - Backlog as of March 31, 2024, was $1,362.9 million, down from $1,452.1 million as of December 31, 2023[158] - Income tax expense for the six months ended March 31, 2024, was $34.8 million, compared to $18.2 million for the same period in 2023[153] Investments and Capital Expenditures - The company incurred unrealized losses on investments in trading securities of $1.9 million for the six months ended March 31, 2024[151] - Capital expenditures for the fiscal year ending September 30, 2024, are expected to range from $35 million to $45 million, significantly higher than $17.7 million for the fiscal year ended September 30, 2023[178] Other Financial Metrics - Interest expense for the six months ended March 31, 2024, decreased to $0.8 million from $2.2 million in the same period of 2023[150] - The fixed charge coverage ratio was reported at 7.9:1.0 as of March 31, 2024[168] Risk Factors - The company is exposed to fluctuations in commodity prices, including copper and aluminum, which may impact operational results[181] - The company does not currently maintain any hedging contracts to limit exposure to variable interest rates on outstanding borrowings[182]

HOUSTON, May 03, 2024 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or "IES" or the "Company") (NASDAQ:IESC) today announced financial results for the quarter ended March 31, 2024. Second Quarter 2024 Highlights and Recent Developments Revenue of $706 million for the second quarter of fiscal 2024, an increase of 24% compared with $569 million for the same quarter of fiscal 2023Operating income of $77.7 million for the second quarter of fiscal 2024, an increase of 146% compared with $31.6 million for the same quar ...

HOUSTON, April 29, 2024 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or "IES" or the "Company") (NASDAQ:IESC) today announced that it will release fiscal 2024 second quarter results before the market opens on Friday, May 3, 2024. About IES Holdings, Inc. IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 8,000 employ ...

For the transition period from to Commission file number 001-13783 IES Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 76-0542208 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 2 Riverway, Suite 1730, Houston, Texas 77056 (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (713) 860-1500 Securities registered pursuant to Section 12(b) of the Act: Trading UNITED STATES SEC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2 Riverway, Suite 1730, Houston, Texas 77056 (Address of principal executive offices and zip ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-13783 IES Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 76-0542208 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-13783 IES Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 76-0542208 (State or other jurisdiction ...