In This Story
Energy Services of America Corporation (ESOA-6.37%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $100,646,114 from $90,163,187 in the same quarter the previous year. The increase is attributed to higher activity in the Gas & Water Distribution and Electrical, Mechanical, & General categories.
Cost of revenue for the quarter was $90,382,532, representing 90% of sales, compared to 88% in the same quarter of the previous year. This increase in cost ratio is due to higher expenses in the Gas & Water Distribution segment.
The company reported a gross profit of $10,263,582 for the quarter, compared to $10,838,961 in the previous year, with the decline attributed to reduced profitability in the Gas & Petroleum Transmission segment.
Selling and administrative expenses increased to $8,618,188 from $7,198,720, primarily due to additional personnel hired for expected growth.
Net income for the quarter was $853,733, down from $2,042,195 in the previous year. Earnings per share were $0.05, compared to $0.12 in the previous year.
Cash provided by operating activities was $8,878,480, while cash used in investing activities was $23,187,435, primarily due to the acquisition of Tribute Contracting & Consultants.
The company had a working capital of $41,405,924 as of December 31, 2024. The filing details various financial agreements, including a renewed $30 million line of credit with United Bank.
The company does not anticipate cash dividend payments to common stockholders in the near future.
Energy Services identified no material weaknesses in its internal controls over financial reporting.
The filing also discusses the company's acquisition of Tribute Contracting & Consultants, which contributed $1.6 million in revenue for the quarter.
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 quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.