Fri, Aug 2, 11:52 AM (230 days ago)
IES Holdings, Inc. reported a strong performance for the quarter ended June 30, 2024, with revenues increasing by 31.5% to $768.4 million compared to the same period in 2023. Gross profit also saw a significant rise, reaching $194.8 million, up from $107.6 million in the previous year, driven by improved project execution and favorable contract pricing across all segments. The Residential segment led the growth with an 18.7% increase in revenues, bolstered by strong demand in single-family housing and multi-family projects. The Communications and Infrastructure Solutions segments also posted substantial revenue gains of 35.8% and 78.8%, respectively, reflecting heightened demand in data centers and custom power solutions. The company's operating income surged to $90.2 million from $34.3 million, supported by higher gross profit margins and efficient cost management. Despite a $30.4 million increase in selling, general, and administrative expenses, primarily due to higher personnel costs, the overall financial health remains robust. The balance sheet showed a solid liquidity position with $44.9 million in cash and cash equivalents. Future operations are expected to benefit from a strong backlog and continued demand across key markets.