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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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