IES Holdings Reports Fiscal 2024 Third Quarter Results; Board Authorizes New $200 Million Share Repurchase Program

Core Viewpoint - IES Holdings, Inc. reported strong financial results for the third quarter of fiscal 2024, with significant increases in revenue, operating income, and net income compared to the same quarter in fiscal 2023, reflecting the benefits of strategic investments and market demand across various segments [2][3]. Financial Performance - Revenue for the third quarter of fiscal 2024 was $768 million, a 31% increase from $584 million in the same quarter of fiscal 2023 [2]. - Operating income reached $90.2 million, up 163% from $34.3 million year-over-year [2]. - Net income attributable to IES was $62.1 million, a 175% increase compared to $22.5 million in the prior year, with diluted earnings per share of $2.67 compared to $0.81 [2][3]. - Adjusted net income attributable to IES was also $62.1 million, reflecting a 123% increase from $27.9 million in the same quarter of fiscal 2023 [2]. Segment Performance - The Residential segment generated $377.5 million in revenue, a 19% increase year-over-year, driven by strong demand and expansion of plumbing and HVAC services [5]. - The Communications segment reported revenue of $192.3 million, a 36% increase, largely due to demand in the data center market [4]. - Infrastructure Solutions segment revenue was $102.0 million, up 79%, benefiting from strong demand for custom power solutions [6]. - The Commercial & Industrial segment saw revenue of $96.6 million, a 42% increase, attributed to a large data center project [7]. Strategic Actions - The Board of Directors authorized a new $200 million share repurchase program, following the repurchase of $20.9 million in shares during the third quarter [2][9]. - The company made strategic acquisitions, including Greiner Industries and a facility in South Carolina, to enhance capacity and support customer demand [4][8]. - Investments in capacity upgrades and process improvements across segments have contributed to strong operating margins [8]. Future Outlook - The company expects continued strong performance for the remainder of fiscal 2024 and into fiscal 2025, supported by ongoing demand and strategic expansions [3][8]. - The backlog as of June 30, 2024, was approximately $1.7 billion, indicating a robust pipeline of future revenue [2][11].