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 reports developments tied to its contracting and service work for natural gas, petroleum, water distribution, automotive, chemical, and power customers in the mid-Atlantic and Central United States. Recurring updates cover operating results, backlog and project activity in Gas & Water Distribution and Gas & Petroleum Transmission, as well as demand for pipeline, water, wastewater, electrical, mechanical, and general construction services.
Company news also includes capital actions such as common stock offerings and dividends, shareholder voting matters, and completed acquisitions. Corporate development has included Nitro Construction Services' acquisition of Rigney Digital Systems, adding HVAC control systems design, installation, and service capabilities.
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Energy Services of America Corporation (NASDAQ: ESOA) reported a net income of $164,000 and earnings per share of $0.01 for the three months ending December 31, 2022. Revenues saw an increase to $60.0 million compared to $42.7 million in the same period last year. Adjusted EBITDA was $2.6 million, down from $3.1 million. The backlog surged to $206.9 million from $101.6 million year-over-year, indicating growth potential. President Douglas Reynolds acknowledged that the first quarter fell short of expectations but expressed optimism about ongoing and future projects, including natural gas and electric vehicle initiatives.
Energy Services of America (Nasdaq: ESOA) has declared a special dividend of $0.05 per common share, payable on February 15, 2023, to shareholders of record as of January 31, 2023. This decision reflects the company's strong financial position and commitment to enhancing shareholder value, according to President Douglas Reynolds. Energy Services is engaged in various sectors, including natural gas and petroleum, employing over 1,000 people across the mid-Atlantic and Central U.S. regions.
Energy Services of America (NASDAQ: ESOA) reported a net income of $3.9 million and earnings per share (EPS) of $0.24 for the fiscal year ended September 30, 2022. Revenue increased to $197.6 million, up from $122.5 million in 2021, with an adjusted EBITDA of $12.5 million. Their backlog has also risen significantly to $142.3 million, compared to $72.2 million a year prior. The company's growth strategy includes two acquisitions in 2022 and plans to file its Annual Report on Form 10-K on December 22, 2022.
Energy Services of America Corporation (Nasdaq: ESOA) reported revenues of $51.2 million and $129.2 million for the three and nine months ended June 30, 2022, respectively. Net income stood at $1.6 million for the quarter and $2.2 million for the nine-month period, with adjusted EBITDA of $4.0 million and $7.7 million. The company aims for a strong fourth quarter, fueled by recent acquisitions and a new share repurchase program. The backlog totals $135.0 million, indicating future revenue potential.
Energy Services of America (NASDAQ: ESOA) announced the acquisition of assets from Ryan Environmental, LLC for $1.8 million and from Ryan Environmental Transport, LLC for $1.0 million, totaling $2.8 million. The acquisition includes equipment and vehicles as part of a bankruptcy court order. Ryan Construction, a newly formed subsidiary, will also lease former offices in Bridgeport, WV, and offer employment to former Ryan Environmental staff. This strategic move is aimed at expanding services and entering new markets, including gas distribution and broadband construction.