Welcome to our dedicated page for Energy Services of America news (Ticker: ESOA), a resource for investors and traders seeking the latest updates and insights on Energy Services of America stock.
Energy Services of America Corporation (NASDAQ: ESOA) is a Huntington, West Virginia-based contractor and service company operating primarily in the mid-Atlantic and Central regions of the United States. It serves customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries, with an industry classification in water and sewer line and related structures construction. This news page aggregates company-issued updates and market coverage related to ESOA stock.
News about Energy Services of America frequently centers on quarterly and annual financial results, including revenue, gross profit, net income, backlog, and adjusted EBITDA, as reported in its earnings press releases and related Form 8-K filings. Management commentary often discusses performance in business lines such as Gas & Water Distribution, Gas & Petroleum Transmission, and the Electrical, Mechanical and General segment, as well as the impact of weather and project timing on margins.
Investors can also follow corporate developments such as acquisitions and capital markets milestones. Recent examples in company communications include the acquisition of Tribute Contracting & Consultants, the Nitro Construction subsidiary’s acquisition of Rigney Digital Systems, and the company’s addition to the Russell 2000 and Russell 3000 indexes. The company also announces dividend declarations through 8-K filings and press releases, providing details on quarterly cash dividends per share and record and payment dates.
Other ESOA news items include participation in investor conferences and one-on-one meeting events, where management presents the company’s story to institutional and other investors. For followers of ESOA stock, this page offers a centralized view of earnings announcements, backlog updates, acquisition news, index inclusions, and dividend actions directly tied to Energy Services of America’s public disclosures.
Energy Services of America (NASDAQ: ESOA) has announced the acquisition of Tribute Contracting & Consultants, an underground utility contractor specializing in water and wastewater system installations across Ohio, Kentucky, and West Virginia. The transaction, valued at $22 million in cash (less assumed debt and working capital adjustments) plus $2 million in ESOA common stock, is expected to close in early December. Tribute's founders, Tom Enyart and Todd Harrah, will continue their roles under the new subsidiary, Tribute Acquisition Company.
Energy Services of America (ESOA) has announced its participation in the 15th Annual Midwest IDEAS Investor Conference on August 29th, 2024, at The Gwen in Chicago, IL. The company's management is scheduled to deliver a presentation at 12:30pm ET, which will be accessible via webcast through the conference host's website.
In addition to the presentation, Energy Services will be hosting one-on-one meetings throughout the day. Investors interested in attending or learning more about the IDEAS conferences are encouraged to contact Steven Hooser for further information. This event provides an opportunity for ESOA to showcase its business to potential investors and engage with the financial community.
Energy Services of America (NASDAQ: ESOA) reported its fiscal third quarter 2024 results, highlighting significant improvements:
- Revenue of $85.9 million, slightly up from $85.5 million year-over-year
- Gross profit increased 41% to $15.3 million
- Net income rose to $17.5 million ($1.06 per diluted share), including $11.4 million from a legal judgment
- Adjusted EBITDA of $10.8 million, up from $7.5 million
- Backlog grew 13% sequentially to $250.9 million
The company saw a 510 basis point improvement in gross margin to 17.8%. ESOA's President, Doug Reynolds, expressed optimism about future prospects, citing favorable industry tailwinds and a strong balance sheet for potential acquisitions.
Energy Services of America (Nasdaq: ESOA) announced the acquisition of Heritage Painting by its subsidiary, Nitro Construction Services. The acquisition expands Energy Services' reach in West Virginia and neighboring regions, enhancing their service offerings to the industrial, commercial, fabrication, and oil and gas sectors. Heritage Painting specializes in fabricated pipe, large natural gas valves, commercial painting, and floor coatings. CEO Douglas Reynolds highlighted Heritage's strong customer service and safety record as key alignments with Energy Services' values.
Energy Services of America (Nasdaq: ESOA) will present at the 14th Annual East Coast IDEAS Investor Conference on June 13, 2024, at Jay Conference – Bryant Park, New York, NY. The presentation by the company is scheduled to begin at 11:30am ET. Participants can access the webcast through the conference host's main website or the company's website.
Energy Services of America (Nasdaq: ESOA) reported revenue of $71.1 million, a 33% increase, and a gross profit of $6.2 million, a 60% increase for the fiscal second quarter ended March 31, 2024. The net loss improved by $765,000 to $1.1 million, or ($0.07) per share, and adjusted EBITDA improved by $1 million to $923,000. The backlog stood at $222.8 million, showing growth compared to the prior quarter.
The Company's positive financial results were driven by increased work in Gas & Petroleum Transmission and Electrical, Mechanical, and General business lines. Despite higher selling and administrative expenses due to additional personnel, the Company remains optimistic about future growth opportunities given the strong industry outlook and robust backlog.
Adjusted EBITDA for the quarter was $922,930, reflecting the Company's cash-generating activity. Energy Services of America remains committed to safety, quality, and production, serving customers in various industries with over 1,000 employees.
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