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.
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.
Energy Services of America (OTC QB: ESOA) reported fiscal Q1 2021 revenues of $32.0 million but incurred a net loss of ($725,000), resulting in a loss per share of ($0.053). The adjusted EBITDA stood at $331,000. The company acquired West Virginia Pipeline, contributing $5.5 million to its $60.7 million backlog, although it had a limited impact on Q1 results. The CEO expressed optimism about future growth in water and natural gas markets.
Energy Services of America Corporation (OTC QB: ESOA) reported revenues of $30.8 million for Q3 2020 and $74.7 million for the nine-month period. The company experienced a net loss available to common shareholders of ($95,000) for Q3 and ($2.0 million) YTD. Adjusted EBITDA was $1.4 million ($0.10/share) for Q3 and $1.1 million ($0.08/share) YTD. The backlog as of June 30, 2020, stood at $69.8 million. The ongoing COVID-19 pandemic posed challenges, but positive signs in project bids were noted.