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Mar 31, 2024
IES Holdings Q2 2024 Earnings Report
Reported a strong financial performance driven by investments and market strength.
Key Takeaways
IES Holdings reported a significant increase in revenue and profitability for the second quarter of fiscal year 2024. Revenue increased by 24% to $706 million, and operating income increased by 146% to $77.7 million. Net income attributable to IES also increased by 146% to $52.9 million, with diluted earnings per share at $2.29.
Revenue increased by 24% to $706 million compared to the same quarter last year.
Operating income increased by 146% to $77.7 million compared to the same quarter last year.
Net income attributable to IES increased by 146% to $52.9 million compared to the same quarter last year.
Completed the acquisition of Greiner Industries, expanding Infrastructure Solutions business.
IES Holdings
IES Holdings
IES Holdings Revenue by Segment
Revenue by Segment
Communications Revenue
CapyFin.comResidential Revenue
CapyFin.comInfrastructure Solutions Revenue
CapyFin.comCommercial & Industrial Revenue
CapyFin.com Forward Guidance
The company expects continued strong performance across all four segments for the remainder of the fiscal year, while continuing to monitor housing markets. They expect to continue to generate significant cash flow for the remainder of fiscal 2024, which will be available to fund both organic expansion and acquisitions, as well as provide capital for stock repurchases or other investments.
Positive Outlook
- Continued strength across all four segments.
- Focus on improving procurement and other processes.
- Investments in upgrading and expanding capacity.
- Pursuing margin expansion through improved contract terms.
- Refocus efforts on profitable growth.
Challenges Ahead
- Monitoring housing markets for any signs of slowing activity.
- Higher cash tax rate in fiscal 2024 due to substantial utilization of federal tax net operating loss carryforwards during fiscal 2023.
- Potential slowing of new project activity in the multi-family market.
- Impact of elevated interest rates on demand for residential housing.
- Managing contract risk.
Revenue & Expenses
Visualization of income flow from segment revenue to net income