IES Holdings, Inc. (NASDAQ: IESC) has reported its financial results for the fourth quarter and full year ended September 30, 2024. The highlights from the fourth quarter of 2024 include a 20% increase in revenue to $776 million compared to the same period in fiscal 2023, with operating income increasing by 41% to $75.0 million and net income attributable to IES rising by 67% to $63.1 million.
For the full fiscal year 2024, the company saw a 21% increase in revenue to $2.9 billion compared to fiscal 2023, with operating income rising by 88% to $300.9 million and net income attributable to IES more than doubling to $219.1 million.
Adjusted net income attributable to IES, a non-GAAP financial measure, increased by 46% in the fourth quarter of fiscal 2024 to $57.6 million and by 91% for the full fiscal year to $213.6 million. Diluted adjusted earnings per share attributable to common stockholders also showed significant increases compared to the previous periods.
The company's remaining performance obligations, a GAAP measure of future revenue from current contracts, stood at approximately $1.2 billion as of September 30, 2024, while backlog, a non-GAAP measure, was approximately $1.8 billion at the same date.
IES Holdings attributed its strong performance to growth across all four operating segments, particularly in the communications and infrastructure solutions segments, where revenue and operating income increased substantially.
Looking ahead to fiscal 2025, the company expects continued strong demand in its communications, infrastructure solutions, and commercial & industrial operating segments, particularly in the data center end markets. It also plans to provide additional capital to drive further organic growth across all operating segments.
The company also announced that it generated operating cash flow of $234.4 million in fiscal 2024, ended the year with no debt and a cash balance of $100.8 million, and repurchased $39 million of its stock on the open market.
In addition, IES Holdings authorized a stock repurchase program for purchasing up to $200 million of its common stock, with $198.1 million remaining under this authorization as of September 30, 2024.
For a more detailed breakdown of the financial results, investors are encouraged to refer to the company’s annual report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission by November 22, 2024. The market has reacted to these announcements by moving the company's shares 6.1% to a price of $287.0. Check out the company's full 8-K submission here.
