Welcome to our dedicated page for Energy Services of America Corporation news (Ticker: ESOA), a resource for investors and traders seeking the latest updates and insights on Energy Services of America Corporation stock.
Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a leading contractor and service company primarily serving the mid-Atlantic and Central regions of the United States. The company specializes in providing comprehensive contracting services for utilities and energy-related companies, with a core focus on construction, replacement, and repair of natural gas pipelines and storage facilities.
Energy Services operates across multiple industries including natural gas, petroleum, power, chemical, water and sewer, and automotive. Their extensive portfolio includes services such as liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installation, and various maintenance and repair services. The company also offers specialized electrical and mechanical installation and repair services, encompassing substation and switchyard works, equipment setting, pipe fabrication and installation, transformers, and packaged buildings.
Recent news highlights Energy Services' strong financial performance and significant project backlog. As of December 31, 2023, the company reported net income of $2.0 million and revenues of $90.2 million for the three months ended on the same date. This includes an impressive backlog of $185.9 million, underscoring the company's robust pipeline of future work. These results mark the best first fiscal quarter in the company's history, driven by increased business opportunities and strategic investments in personnel.
For the fiscal year ending September 30, 2023, Energy Services achieved net income of $7.4 million and revenues of $304.1 million, reflecting the highest financial results in the company's history. The backlog at the end of this period was $229.8 million, demonstrating continued growth and demand for their services.
Energy Services' commitment to safety, quality, and production is evident through its employment of over 1,000 skilled professionals. The company's strategic focus includes enhancing communication with shareholders and maximizing shareholder value, as highlighted by their recent partnership with Three Part Advisors, LLC for investor relations consulting.
Energy Services of America Corporation is poised for continued success, leveraging strong industry demand, strategic personnel investments, and a significant project backlog to achieve long-term growth and value creation for shareholders.
Energy Services of America Corporation (NASDAQ: ESOA) has announced its acquisition of Tri-State Paving & Sealcoating, LLC for $7.5 million in cash, a $1.0 million seller note, and $1.0 million in common stock. The deal is set to close on April 29, 2022. This acquisition aims to enhance Energy Services’ offerings to water distribution utilities and expand its footprint in the growing water market. David Corns will stay on as president of the new subsidiary, ensuring continuity and leveraging his extensive industry experience.
Energy Services of America Corporation (ESOA) has received approval from Nasdaq to list its common stock on the Nasdaq Capital Market, effective March 23, 2022. President Douglas Reynolds expressed optimism regarding the uplisting, anticipating increased appeal and liquidity for their shares. This move is part of the company's initiatives to enhance shareholder value in 2022. Energy Services operates primarily in the mid-Atlantic and Central regions of the U.S., serving various industries including natural gas, petroleum, and power with a workforce of over 700 employees.
Energy Services of America Corporation (OTCQB: ESOA) recently appointed R. Neil Riddle as Chief Operating Officer. With over 30 years in project management and executive roles across multiple sectors, Riddle brings significant expertise to the company. President Douglas Reynolds expressed enthusiasm for Riddle's appointment, noting his leadership skills and potential to enhance shareholder value.
Energy Services operates primarily in the mid-Atlantic and Central U.S., providing services in various industries, including natural gas and power, with a workforce exceeding 700 employees.
Energy Services of America (OTCQB: ESOA) reported $42.7 million in revenue and $1.2 million in net income for the quarter ending December 31, 2021. This marks the best fiscal first quarter in over five years. The company achieved an adjusted EBITDA of $3.0 million and earnings per share of $0.07. As of the end of December 2021, the backlog stood at $101.6 million. President Douglas Reynolds emphasized the goal of increasing shareholder value and announced plans to list on the Nasdaq Capital Market for enhanced visibility.
Energy Services of America (OTCQB: ESOA) has submitted an application to list its common stock on the Nasdaq Capital Market®. The company believes it meets all necessary financial, liquidity, and governance requirements for listing, with a decision expected in Q1 2022. President Douglas Reynolds highlighted recent expansions in service offerings and geographic reach, indicating that uplisting could enhance share appeal and liquidity, ultimately benefiting shareholders.
Energy Services of America Corporation (OTCQB: ESOA) reported fiscal 2021 revenues of $122.5 million and net income of $8.8 million, with earnings per share at $0.52. The company saw a backlog of $72.2 million as of September 30, 2021. A legal verdict of $5.8 million was awarded post-fiscal year, pending judgment. During the year, Energy Services expanded its operations and strengthened its balance sheet, particularly through loan forgiveness. The company anticipates growth in fiscal 2022.
Energy Services of America Corporation (OTCQB: ESOA) reported fiscal year 2021 revenues of $122.5 million, an adjusted EBITDA of $3.8 million, and a net income of $8.8 million, translating to earnings per share of $0.52. The company maintained a backlog of $72.2 million. Following the fiscal year, a $5.8 million verdict was awarded in a lawsuit against a former customer, pending final judgment.
President Douglas Reynolds noted expansion in gas and water distribution via acquisition and entering new markets including solar installation.
Energy Services of America Corporation (OTC QB: ESOA) reported strong financial results for the three and nine months ended June 30, 2021. Revenues reached $25.3 million and $82.9 million, with net income available to common shareholders at $9.2 million for three months, up from $9.2 million loss in the same period last year. Gross profit margin improved to 10.7% and 9.0% versus 9.2% and 7.0% in 2020. However, a decrease in demand for gas and petroleum transmission services raised concerns. The backlog increased to $73.1 million.
Energy Services of America Corporation (OTC QB: ESOA) reported Q2 financial results for 2021, achieving revenues of $25.6 million and $57.6 million for the three and six months ended March 31, respectively. The company experienced a net loss of $1.4 million for the quarter, with an adjusted EBITDA of ($798,399). Gross profit percentage improved from 0.4% to 7.3% for Q2 year-over-year. Increased demand for services and contributions from acquisitions led to positive revenue trends, with a backlog of $61.2 million.
Energy Services of America (OTC QB: ESOA) announced on May 3, 2021, that its subsidiary Nitro Construction Services completed the acquisition of Revolt Energy, a solar installation company. The asset purchase, finalized on April 30, 2021, reflects Nitro's commitment to the renewable energy sector. Revolt Energy, known for residential solar projects, aims to expand into commercial markets and is currently developing a 487-kilowatt solar array to power Nitro's facilities. This acquisition is expected to enhance Nitro's service offerings and create growth opportunities in the solar industry.
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