IES Holdings reports Q4 adjusted EPS $1.74 vs. 95c last year

Reports Q4 revenue $649M vs. $617M last year. “Looking back on fiscal 2023, we are pleased with our revenue growth, margin improvements, and the continued strength of all of our businesses” said Jeff Gendell, Chairman and CEO. “Operating income increased substantially compared with the prior year, both for the fourth quarter and the full fiscal year. Year-over-year consolidated revenue increased 10% despite the loss of revenue resulting from the divestiture of STR Mechanical in October 2022 and the planned reduction in activity at a large, underperforming branch in our Commercial & Industrial segment. With respect to residential housing, we continue to be cautious about demand in the single-family market, as interest rates on mortgages are near the highest levels of the past 20 years. However, since April 2023, when we began efforts to reorganize our Residential segment, margins have continued to improve despite severance and other discrete expenses incurred to implement the reorganization, and we believe there are opportunities for additional improvement. As we enter fiscal 2024, we expect to continue our focus on margin improvement and cash generation across all of our operating segments, and to continue to be selective and disciplined in our bidding process.”