IES Holdings(IESC) - 2024 Q4 - Annual Results

Revenue Growth - Revenue for Q4 2024 was $776 million, a 20% increase from $649 million in Q4 2023[2] - Fiscal 2024 revenue totaled $2.9 billion, reflecting a 21% increase from $2.4 billion in fiscal 2023[3] - Revenues for the three months ended September 30, 2024, were $775.8 million, an increase from $649.0 million in the same period of 2023, representing a growth of approximately 19.5%[25] - Total revenue for the year ended September 30, 2024, increased to $2,884.4 million, up 21.3% from $2,377.2 million in 2023[29] Profitability - Operating income for Q4 2024 reached $75 million, up 41% from $53.2 million in Q4 2023[2] - Net income attributable to IES for Q4 2024 was $63.1 million, a 67% increase compared to $37.8 million in Q4 2023[2] - Adjusted net income for fiscal 2024 was $213.6 million, a 91% increase from $111.9 million in fiscal 2023[5] - Net income for the year ended September 30, 2024, was $219.1 million, a 102.5% increase compared to $108.3 million in 2023[30] Segment Performance - The Communications segment generated $776.5 million in revenue for fiscal 2024, a 29% increase from fiscal 2023[6] - The Infrastructure Solutions segment's revenue was $351.1 million for fiscal 2024, a 62% increase compared to fiscal 2023[9] - Operating income for the Communications segment increased to $86.9 million for the year ended September 30, 2024, up from $51.5 million in 2023, representing a 68.5% growth[29] Cash and Assets - The company ended fiscal 2024 with a cash balance of $100.8 million, up from $75.8 million at the end of fiscal 2023[11] - Total current assets rose to $871.7 million as of September 30, 2024, compared to $671.3 million a year earlier, reflecting a 30% increase[27] - Cash and cash equivalents at the end of the period were $100.8 million, up from $75.8 million a year earlier, marking a 32.3% increase[28] Backlog and Obligations - Remaining performance obligations as of September 30, 2024, were approximately $1.2 billion[2] - Backlog as of September 30, 2024, was approximately $1.8 billion[2] - Backlog as of September 30, 2024, was $1,786 million, an increase from $1,558 million in the previous year, indicating a 14.6% growth[32] Expenses and Liabilities - Selling, general and administrative expenses for the three months ended September 30, 2024, were $110.9 million, compared to $87.2 million in the prior year, indicating an increase of 27.2%[25] - Total liabilities increased to $591.9 million as of September 30, 2024, compared to $481.7 million in 2023, reflecting a 22.9% rise[27] Earnings Per Share - Basic earnings per share attributable to common stockholders for the three months ended September 30, 2024, were $3.10, up from $1.68 in the same period of 2023, representing an increase of 84.5%[25] - The company’s adjusted earnings per share for the three months ended September 30, 2024, were $2.83, compared to $1.76 in the same period of 2023, showing a growth of 60.8%[26] EBITDA - Adjusted EBITDA for the year ended September 30, 2024, was $330.1 million, up from $171.6 million in 2023, representing a 92.5% increase[30] Tax and Income Tax Provision - The company’s effective tax rate for the three months ended September 30, 2024, was impacted by a provision for income taxes of $14.8 million, compared to $12.4 million in the same period of 2023[25]