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Energy Services of America Corporation (ESOA+1.24%) has filed its annual report on Form 10-K for the fiscal year ended September 30, 2024 filing.
The report details the company's operations, which include construction, replacement, and repair services for natural gas pipelines, storage facilities, and other infrastructure in the mid-Atlantic and central United States.
For the fiscal year ended September 30, 2024, Energy Services reported consolidated operating revenues of $351.9 million, a 15.7% increase from $304.1 million in the previous year. The increase was primarily attributed to growth in electrical, mechanical, and general contract services.
The company's cost of revenues for the fiscal year was $301.9 million, up from $267.3 million in the prior year, reflecting increased project activities.
Energy Services reported a gross profit of $49.9 million, compared to $36.8 million in the previous year, with a gross margin of 14.2%.
Selling and administrative expenses increased to $30.1 million from $23.8 million, primarily due to increased business opportunities and management hirings.
Net income for the fiscal year was $25.1 million, a significant increase from $7.4 million in the prior year, driven by higher revenues and a $15.6 million gain from a lawsuit judgment.
The company ended the fiscal year with total assets of $158.2 million and liabilities of $99.6 million, resulting in shareholders' equity of $58.7 million.
Energy Services' backlog of work to be completed was $243.2 million as of September 30, 2024, up from $229.8 million in the previous year.
The company continues to face risks related to economic conditions, competition, and regulatory changes, as detailed in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Energy Services of America Corporation annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.