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Dec 31, 2023
IES Holdings Q1 2024 Earnings Report
Reported a strong first quarter in fiscal year 2024, marked by revenue growth and significant operating income increase.
Key Takeaways
IES Holdings reported a strong first quarter in fiscal 2024, with a 10% increase in revenue to $634 million and a 43% increase in operating income to $58.0 million. Net income attributable to IES increased by 55% to $41.0 million, with diluted earnings per share at $1.87. The company remains optimistic for the balance of fiscal 2024, supported by strong demand in key markets and improved operating margins.
Revenue increased by 10% to $634 million compared to the same quarter last year.
Operating income rose by 43% to $58.0 million, reflecting improved operating margins.
Net income attributable to IES increased by 55% to $41.0 million, with diluted earnings per share at $1.87.
The company's backlog stood at approximately $1.5 billion as of December 31, 2023.
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 remains optimistic for the balance of fiscal 2024, while being cautious about demand in the single-family and multi-family housing markets due to elevated interest rates and decreased housing affordability. The outlook for other business segments remains solid, supported by long-term secular growth trends. Implemented operating process improvements have positioned the company well to adapt to changing market conditions and take advantage of growth opportunities.
Positive Outlook
- Continued strong demand in key markets.
- Improved operating margins due to process improvements.
- Solid outlook for business segments less affected by housing market conditions.
- Long-term secular growth trends supporting business segments.
- Positioned well to adapt to changing market conditions and pursue growth opportunities.
Challenges Ahead
- Cautious about demand in single-family and multi-family housing markets.
- Elevated interest rates impacting housing affordability.
- General decrease in housing affordability.
- Potential impact on Residential segment due to housing market conditions.
- Higher cash tax rate in fiscal 2024 due to utilization of federal tax net operating loss carryforwards.
Revenue & Expenses
Visualization of income flow from segment revenue to net income