IES Holdings Inc

NASDAQ:IESCUnited States

Nov 22, 2024

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• DJ IES Holdings Shares Rise on Higher 4Q Earnings, Revenue, from 11:04AM ET on Friday Nov 22, 2024 by Dow Jones

  11:04AM ET on Friday Nov 22, 2024 by Dow Jones
  Companies Mentioned: IESC
  
  By Chris Wack
  
  IES Holdings shares rose after the company reported a jump in quarterly profit and revenue.
  
  Shares of the electrical- and technology-systems company were recently up 5.4% at $284.95. The stock price has nearly quadrupled over the past 52-weeks.
  

• IES Holdings' Fiscal Q4 Adjusted Earnings, Revenue Increase, from 8:09AM ET on Friday Nov 22, 2024 by MT Newswires

  8:09AM ET on Friday Nov 22, 2024 by MT Newswires
  Companies Mentioned: IESC
  08:09 AM EST, 11/22/2024 (MT Newswires) -- IES Holdings (IESC) reported fiscal Q4 adjusted earnings Friday of $2.79 per diluted share, up from $1.74 a year earlier. Revenue for the quarter ended Sept. 30 was $775.8 million, compared with $649.0 mil...

• -- Earnings Flash (IESC) IES HOLDINGS Posts Fiscal Q4 Revenue $775.8M, from 7:46AM ET on Friday Nov 22, 2024 by MT Newswires

  7:46AM ET on Friday Nov 22, 2024 by MT Newswires
  Companies Mentioned: IESC
  07:46 AM EST, 11/22/2024 (MT Newswires) -- ...

• -- Earnings Flash (IESC) IES HOLDINGS Reports Q4 EPS $2.79, from 7:45AM ET on Friday Nov 22, 2024 by MT Newswires

  7:45AM ET on Friday Nov 22, 2024 by MT Newswires
  Companies Mentioned: IESC
  07:45 AM EST, 11/22/2024 (MT Newswires) -- ...

• *DJ IES Holdings 4Q Adj EPS $2.79 >IESC, from 7:45AM ET on Friday Nov 22, 2024 by Dow Jones

  7:45AM ET on Friday Nov 22, 2024 by Dow Jones
  Companies Mentioned: IESC
  Retained earnings 497.8 295.8 ---------- ---------- Total stockholders' equity 611.1 449.9 ---------- ---------- Total liabilities and stockholders' equity $ 1,244.0 $ 981.6 ========== ========== IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS) (UNAUDITED) Year Ended September 30, ------------------------ 2024 2023 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 232.5 $ 119.8 Adjustments to reconcile net income to net cash provided by operating activities: Bad debt expense 1.5 (0.1) Deferred financing cost amortization 0.3 0.3 Depreciation and amortization 37.1 29.4 Gain on sale of assets (1.7) (14.1) Non-cash compensation expense 5.5 4.4 Deferred income tax expense (benefit) and other non-cash tax adjustments, net (1.1) 5.2 Unrealized loss on trading securities (1.8) -- Changes in operating assets and liabilities: Marketable securities (33.2) -- Accounts receivable (93.5) 2.9 Inventories (3.5) (1.1) Costs and estimated earnings in excess of billings (4.0) 3.5 Prepaid expenses and other current assets (16.7) (7.3) Other non-current assets 0.2 2.1 Accounts payable and accrued expenses 57.9 (10.0) Billings in excess of costs and estimated earnings 54.5 19.1 Other non-current liabilities 0.4 0.2 -------- -------- Net cash provided by operating activities 234.4 153.9 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (45.2) (17.7) Proceeds from sale of assets 3.7 20.6 Cash paid in conjunction with equity investments (0.4) (0.2) Cash paid in conjunction with business combinations, net of cash acquired (67.0) -- -------- -------- Net cash provided by (used in) investing activities (108.9) 2.8 -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings of debt 2,896.3 2,381.6 Repayments of debt (2,896.3) (2,464.2) Cash paid for finance leases (4.3) (3.3) Purchase of noncontrolling interest (32.0) -- Settlement of contingent consideration liability (4.0) -- Distribution to noncontrolling interest (16.2) (11.5) Purchase of treasury stock (44.0) (8.3) Net cash used in financing activities (100.5) (105.8) -------- -------- NET INCREASE IN CASH AND CASH EQUIVALENTS 25.0 50.9 CASH and CASH EQUIVALENTS, beginning of period 75.8 24.8 -------- -------- CASH and CASH EQUIVALENTS, end of period $ 100.8 $ 75.8 ======== ======== IES HOLDINGS, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS) (UNAUDITED) Three Months Ended Year Ended September 30, September 30, ---------------- ---------------------- 2024 2023 2024 2023 ----- ------- Revenues Communications $219.9 $170.8 $ 776.5 $ 600.8 Residential 356.1 337.3 1,388.8 1,279.5 Infrastructure Solutions 110.4 58.4 351.1 217.3 Commercial & Industrial 89.4 82.5 368.0 279.6 ----- ----- ------- ------- Total revenue $775.8 $649.0 $2,884.4 $2,377.2 ===== ===== ======= ======= Operating income (loss) Communications $ 22.6 $ 16.8 $ 86.9 $ 51.5 Residential ((1) () 34.8 30.2 137.3 82.9 Infrastructure Solutions ((2) () 20.7 8.1 67.5 29.2 Commercial & Industrial ((3) () 9.7 5.3 41.4 19.3 Corporate (12.8) (7.2) (32.2) (23.1) ----- ----- ------- ------- Total operating income $ 75.0 $ 53.2 $ 300.9 $ 159.8 ===== ===== ======= ======= (1) Residential's operating income for the year ended September 30, 2023 includes pretax severance expense of $3.6 million. (2) Infrastructure Solutions' operating income for the year ended September 30, 2023 includes a pretax gain of $1.0 million related to the sale of real estate. (3) Commercial & Industrial's operating income for the year ended September 30, 2023 includes a pretax gain of $13.0 million related to the sale of STR Mechanical. IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED EBITDA (DOLLARS IN MILLIONS) (UNAUDITED) Three Months Ended Year Ended September 30, September 30, ---------------------- ------------------ 2024 2023 2024 2023 ------- ------ ----- ----- Net income attributable to IES Holdings, Inc. $ 63.1 $ 37.8 $219.1 $108.3 Provision for income taxes 14.8 12.4 72.2 38.8 Interest & other (income) expense, net (5.3) (0.2) (3.8) 1.2 Depreciation and amortization 11.1 9.3 37.1 29.4 ------- ------ ----- ----- EBITDA $ 83.7 $ 59.3 $324.6 $177.7 Gain on sale of STR Mechanical -- -- -- (13.0) Gain on sale of real estate -- -- -- (1.0) Non-cash equity compensation expense 1.2 1.1 5.5 4.3 Severance expense -- -- -- 3.6 ------- ------ ----- ----- Adjusted EBITDA $ 84.9 $ 60.4 $330.1 $171.6 ======= ====== ===== ===== IES HOLDINGS, INC. AND SUBSIDIARIES SUPPLEMENTAL REMAINING PERFORMANCE OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG DATA (DOLLARS IN MILLIONS) (UNAUDITED) September 30, June 30, September 30, 2024 2024 2023 Remaining performance obligations $ 1,176 $ 1,177 $ 1,143 Agreements without an enforceable obligation (1) 610 520 415 --- ---------- ------ --- ---------- Backlog $ 1,786 $ 1,697 $ 1,558