Energy Services of America Reports Strong Results for Fiscal Year 2024

Energy Services of America Corporation (NASDAQ: ESOA) recently disclosed its financial results for the fourth quarter and full fiscal year ended September 30, 2024. The company reported significant growth in both revenue and profit, demonstrating a positive trend in its operations.

In the fourth quarter of 2024, Energy Services of America recorded revenues of $104.7 million compared to $104.9 million in the previous year. The gross profit for the quarter stood at $17.6 million, showing an increase from $16.0 million in the same period last year. Net income for the quarter was $6.7 million, or $0.40 per diluted share, up from $5.7 million, or $0.34 per diluted share in the comparable period.

For the full fiscal year 2024, the company reported revenue of $351.9 million as opposed to $304.1 million in the previous fiscal year. The gross profit also saw a significant uptick at $50.0 million, marking a 36% increase from the prior year. Net income for the fiscal year was reported at $25.1 million, or $1.51 per diluted share, a substantial rise from $7.4 million, or $0.44 per diluted share in the previous fiscal year.

The company’s adjusted EBITDA for fiscal 2024 was $28.8 million, reflecting an improvement from $20.8 million in the prior year. Energy Services of America noted a backlog of $243.2 million as of September 30, 2024, compared to $229.8 million in the same period in 2023.

Douglas Reynolds, President of Energy Services, expressed optimism about the company’s performance going forward, citing the allocation of funds from the Infrastructure and Jobs Act as a positive factor affecting industries they serve. He highlighted strategic moves, such as the acquisition of Tribute Contracting and an increase in the annualized dividend payment, as part of the company’s growth strategy.

In the financial results provided, it was indicated that the company’s revenues and profits were primarily driven by increased work within the Gas & Water Distribution and Electrical, Mechanical, and General business lines. Despite lower revenue in the Gas & Petroleum Transmission business line, the overall performance for Energy Services of America remained strong.

Investors looking into Energy Services of America may want to consider the company’s performance alongside GAAP and non-GAAP financial measures provided in its disclosures to make informed decisions moving forward. It is important to note that forward-looking statements in the disclosure involve inherent risks and uncertainties that may affect actual results, as mentioned by the company.

For further details and in-depth financial analysis, interested parties can refer to the original SEC filing by Energy Services of America Corporation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Energy Services of America’s 8K filing here.

Energy Services of America Company Profile

Energy Services of America Corporation, together with its subsidiaries, provides contracting services for utilities and energy related companies in the United States. The company constructs, replaces, and repairs interstate and intrastate natural gas pipelines and storage facilities for utility companies and private natural gas companies; and provides services relating to pipeline, storage facilities, and plant works.