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IES Holdings, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in revenues to $2,884,358,000 from $2,377,227,000 in the previous year. The increase is attributed to higher demand across all business segments.
Cost of services for the year was $2,187,768,000, representing 75.8% of revenues, compared to 81.3% in the previous year. This decrease in cost ratio is due to improved project execution and favorable contract pricing.
The company reported a gross profit of $696,590,000 for the year, compared to $444,539,000 in the previous year, with the increase attributed to higher revenues and improved margins.
Operating income for the year was $300,876,000, up from $159,776,000 in the previous year. The improvement was driven by increased revenues and gross profit.
Net income for the year was $232,501,000, up from $119,787,000 in the previous year. After accounting for noncontrolling interests, net income attributable to IES Holdings, Inc. was $219,116,000, compared to $108,288,000 in the previous year.
Cash provided by operating activities was $234,404,000, while cash used in investing and financing activities was $108,847,000 and $100,495,000, respectively.
IES Holdings had a working capital of $349,140,000 as of September 30, 2024. The company highlights its strong demand across key end markets and the strategic acquisition of Greiner Industries, Inc. during the year.
The filing also details various financial agreements, including an amendment to the credit facility increasing the maximum borrowing amount to $150 million.
IES Holdings does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
IES Holdings continues to focus on expanding its market presence and capabilities through strategic acquisitions and investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IES Holdings Inc. annual 10-K report dated November 22, 2024. To report an error, please email earnings@qz.com.