Financial Performance - Revenue for the second quarter was $71.1 million, representing a 33% increase compared to $53.7 million in the prior year[6]. - Gross profit increased to $6.2 million, a 60% rise from $3.9 million in the same quarter last year, with a gross margin of 8.8%[6][8]. - Net loss improved to $1.1 million, or ($0.07) per share, compared to a net loss of $1.9 million, or ($0.11) per share in the prior year[9]. - Adjusted EBITDA for the quarter was $923,000, an improvement of $1 million from the previous year[6][10]. Backlog and Demand - Backlog as of March 31, 2024, was $222.8 million, slightly down from $224.6 million a year earlier but up from $185.9 million at the end of 2023[9]. - The company added approximately $37 million to its backlog compared to the first quarter, indicating strong demand[5]. Expenses and Growth Outlook - Selling and administrative expenses rose to $7.3 million, up from $5.9 million in the prior year, primarily due to hiring additional personnel[8]. - The company expects continued growth and improved operating performance across all business lines, supported by strong macroeconomic conditions[5]. - The year-over-year revenue increase was primarily driven by growth in the Gas & Petroleum Transmission and Electrical, Mechanical, and General business lines[7]. Workforce and Operations - Energy Services employs over 1,000 employees and operates primarily in the mid-Atlantic and Central regions of the United States[12].
Energy Services of America (ESOA) - 2024 Q2 - Quarterly Results