IES Holdings reports Q2 adjusted EPS $2.29 vs. $1.07 last year

Reports Q2 revenue $706M vs. $569M last year. “We are pleased with our financial performance in the second quarter of fiscal 2024 as the investments we have made to support the organic growth of our businesses positioned us to take advantage of continued strength across our end markets,” said Jeff Gendell, Chairman and Chief Executive Officer. “Despite elevated interest rates, demand for residential housing has remained firm, which benefited our Residential segment, while strength in the data center market positively impacted our Communications, Infrastructure Solutions, and Commercial & Industrial segments. Our margins continued to benefit from process improvements, operating leverage from our increased scale and strong project execution across all four segments. We expect continued strong performance across our four segments for the remainder of this fiscal year, while continuing to monitor our housing markets for any signs of slowing activity. Our strong financial position has enabled us to pursue both organic growth opportunities and strategic acquisitions. On April 1, 2024, we completed the acquisition of Greiner Industries, based in Mount Joy, Pennsylvania, which both adds new product offerings and expands capacity for our existing Infrastructure Solutions business. Further, during the second quarter of fiscal 2024, we leased a fabrication facility in Rock Hill, South Carolina to provide additional capacity to support our Infrastructure Solutions segment. Together, these actions reflect our strategy of expanding the geographic footprint of our custom power solutions products to better serve our customers.”