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IES Holdings Inc. (IESC-3.60%) 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 revenues to $749,547,000 from $634,444,000 in the same quarter the previous year. The increase is attributed to higher demand across all operating segments.
Cost of services for the quarter was $571,520,000, representing 76.2% of revenues, compared to 77.3% in the same quarter of the previous year. This decrease in cost ratio is due to improved project execution and pricing.
The company reported a gross profit of $178,027,000 for the quarter, compared to $143,804,000 in the previous year, with the increase attributed to higher revenues and improved margins.
Selling, general, and administrative expenses increased to $103,039,000 from $85,850,000, primarily due to increased personnel and administrative costs.
Net income for the quarter was $57,681,000, up from $43,588,000 in the previous year. Net income attributable to IES Holdings, Inc. was $56,303,000, compared to $40,956,000 in the previous year.
Cash provided by operating activities was $37,260,000, while cash used in investing and financing activities was $58,425,000 and $20,594,000, respectively.
IES Holdings had a working capital of $784,845,000 as of December 31, 2024. The company acknowledges its dependence on maintaining positive operating results and access to capital markets to meet future obligations.
The filing also details a new credit agreement, increasing the revolving credit facility from $150,000,000 to $300,000,000 and extending the maturity date to January 21, 2030.
IES Holdings does not anticipate cash dividend payments to stockholders in the near future.
The company continues to focus on its four business segments: Communications, Residential, Infrastructure Solutions, and Commercial & Industrial, with strong demand noted in data center projects.
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. quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.