IES Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
IES Holdings, Inc. (NASDAQ: IESC) reported its financial results for the fourth quarter and fiscal year ended September 30, 2024.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | YoY Change |
|---|---|---|---|
| Revenue | $776M | $649M | +20% |
| Operating Income | $75M | $53.2M | +41% |
| Net Income Attributable to IES | $63.1M | $37.8M | +67% |
| Diluted EPS | $3.06 | $1.66 | +84% |
| Adjusted Net Income | $57.6M | $39.5M | +46% |
| Diluted Adjusted EPS | $2.79 | $1.74 | +60% |
The company's impressive revenue and profitability growth reflect strong demand across its key markets and improved operational efficiencies.
Segment Revenue Performance
| Segment | Revenue FY 2024 | Revenue FY 2023 | YoY Change |
|---|---|---|---|
| Communications | $776.5M | Approx. $601.9M | +29% |
| Residential | $1.4B | Approx. $1.284B | +9% |
| Infrastructure Solutions | $351.1M | Approx. $216.7M | +62% |
| Commercial & Industrial | $368M | $279.6M | +32% |
Segment growth was driven by demand from data centers, residential expansion, and strong project execution.
Key Developments & Highlights
- Increased operating margins across all segments.
- Successful expansion of plumbing and HVAC services within the Residential segment.
- Acquisition of Greiner Industries contributed to revenue and operating income.
Executive Comments
Jeff Gendell, Chairman and CEO, highlighted strong demand in key end markets and revenue growth across all segments. IES plans to provide additional capital to drive organic growth and cautiously approaches near-term single-family housing demand.
Matt Simmes, President and COO, emphasized investments in infrastructure for growth and technology to enhance decision-making capabilities.
Financial Strategy
- Cash Flow & Debt : Generated $234.4M in operating cash flow, ended the year with no debt and a cash balance of $100.8M.
- Stock Repurchase Program : Authorized up to $200M for share buybacks, with $198.1M remaining under authorization.
Forward Guidance
The company anticipates continued demand, especially in data center markets, while maintaining caution regarding the Residential market due to housing affordability.
Stock Movement
Post-earnings announcement, IES Holdings’ stock observed a 1.83% increase.
Overall, IES Holdings delivered robust financial performance with significant growth in both revenue and profitability, supported by strategic expansions and operational efficiencies across key segments.
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