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Dec 31, 2022
IES Holdings Q1 2023 Earnings Report
Reported a revenue increase of 20% and operating income improved significantly compared to the same quarter of fiscal year 2022.
Key Takeaways
IES Holdings reported a strong first quarter for fiscal year 2023, with revenue increasing by 20% to $575 million and operating income significantly improving to $40.7 million, which includes a $13.0 million pretax gain from the sale of STR Mechanical. The company benefited from strong demand, particularly in the Residential segment, and improved operating performance in the Infrastructure Solutions segment.
Revenue increased by 20% to $575 million compared to the same quarter last year.
Operating income was $40.7 million, including a $13.0 million pretax gain from the sale of STR Mechanical.
Net income attributable to IES was $26.4 million, with diluted earnings per share of $1.14.
Backlog reached approximately $1.3 billion as of December 31, 2022.
IES Holdings
IES Holdings
IES Holdings Revenue by Segment
Revenue by Segment
Communications Revenue
CapyFin.comResidential Revenue
CapyFin.comInfrastructure Solutions Revenue
CapyFin.com Forward Guidance
IES Holdings is monitoring the impact of changing economic conditions on demand for its services and expects elevated interest rates and decreased housing affordability to impact demand in the single-family housing market in the near term. The company remains optimistic about the long-term fundamentals in its key markets and believes it is well-positioned to expand its service offerings and pursue market share growth.
Positive Outlook
- Strong demand through the first quarter of fiscal 2023.
- Optimistic about the long-term fundamentals in key markets.
- Well-positioned to expand service offerings.
- Pursuing market share growth.
- Maintaining a strong balance sheet to take advantage of opportunities to grow the business.
Challenges Ahead
- Monitoring the impact of changing economic conditions on demand.
- Expects elevated interest rates to impact demand.
- Expects decreased housing affordability to impact demand.
- Potential impact on the single-family housing market.
- Higher cash tax rate for fiscal 2023 compared with 2022 due to utilizing federal tax net operating loss carryforwards.
Revenue & Expenses
Visualization of income flow from segment revenue to net income