IES Holdings Reports Fiscal 2025 Third Quarter Results
IES Holdings (NASDAQ: IESC) reported strong fiscal Q3 2025 results with revenue reaching $890 million, up 16% year-over-year. The company achieved operating income of $111.9 million, increasing 24%, and net income of $77.2 million, also up 24% compared to Q3 2024.
Three of four segments showed significant growth: Communications revenue surged 56% to $299.2M, Infrastructure Solutions grew 27% to $129.5M, and Commercial & Industrial increased 20% to $115.4M. However, the Residential segment declined 8% to $346.1M due to housing market challenges.
The company maintains a strong financial position with $88.4 million in net cash, $66.8 million in marketable securities, and a substantial backlog of $2.1 billion. Post-quarter, IES acquired Qypsys, a Tampa-based wireless network infrastructure provider, and purchased the remaining 20% stake in Edmonson Electric.
IES Holdings (NASDAQ: IESC) ha riportato risultati solidi nel terzo trimestre fiscale 2025, con un fatturato di 890 milioni di dollari, in crescita del 16% rispetto all'anno precedente. L'azienda ha raggiunto un reddito operativo di 111,9 milioni di dollari, con un aumento del 24%, e un utile netto di 77,2 milioni di dollari, anch'esso in crescita del 24% rispetto al terzo trimestre 2024.
Tre dei quattro segmenti hanno mostrato una crescita significativa: il fatturato del segmento Comunicazioni è aumentato del 56% raggiungendo 299,2 milioni di dollari, Soluzioni per l'Infrastruttura è cresciuto del 27% a 129,5 milioni di dollari, e il segmento Commerciale e Industriale è salito del 20% a 115,4 milioni di dollari. Tuttavia, il segmento Residenziale ha registrato un calo dell'8% a 346,1 milioni di dollari a causa delle difficoltà nel mercato immobiliare.
L'azienda mantiene una solida posizione finanziaria con 88,4 milioni di dollari di liquidità netta, 66,8 milioni di dollari in titoli negoziabili e un consistente portafoglio ordini di 2,1 miliardi di dollari. Dopo la chiusura del trimestre, IES ha acquisito Qypsys, un fornitore di infrastrutture di rete wireless con sede a Tampa, e ha acquistato la restante quota del 20% in Edmonson Electric.
IES Holdings (NASDAQ: IESC) reportó sólidos resultados en el tercer trimestre fiscal de 2025, con ingresos que alcanzaron 890 millones de dólares, un aumento del 16% interanual. La compañía logró un ingreso operativo de 111,9 millones de dólares, incrementándose un 24%, y un ingreso neto de 77,2 millones de dólares, también con un aumento del 24% en comparación con el tercer trimestre de 2024.
Tres de los cuatro segmentos mostraron un crecimiento significativo: los ingresos de Comunicaciones aumentaron un 56% hasta 299,2 millones de dólares, Soluciones de Infraestructura creció un 27% hasta 129,5 millones de dólares, y Comercial e Industrial subió un 20% hasta 115,4 millones de dólares. Sin embargo, el segmento Residencial disminuyó un 8% hasta 346,1 millones de dólares debido a los retos del mercado inmobiliario.
La empresa mantiene una posición financiera sólida con 88,4 millones de dólares en efectivo neto, 66,8 millones de dólares en valores negociables y una cartera de pedidos sustancial de 2,1 mil millones de dólares. Tras el trimestre, IES adquirió Qypsys, un proveedor de infraestructura de redes inalámbricas con sede en Tampa, y compró el 20% restante de Edmonson Electric.
IES Holdings (NASDAQ: IESC)는 2025 회계연도 3분기 강력한 실적을 보고했으며, 매출은 전년 동기 대비 16% 증가한 8억 9천만 달러를 기록했습니다. 회사는 영업이익 1억 1,190만 달러를 달성하여 24% 증가했으며, 순이익 7,720만 달러도 2024년 3분기 대비 24% 증가했습니다.
네 개 부문 중 세 개 부문이 크게 성장했습니다: 통신 부문 매출은 56% 급증하여 2억 9,920만 달러에 달했고, 인프라 솔루션은 27% 성장해 1억 2,950만 달러, 상업 및 산업 부문은 20% 증가해 1억 1,540만 달러를 기록했습니다. 그러나 주거 부문은 주택 시장의 어려움으로 8% 감소하여 3억 4,610만 달러에 머물렀습니다.
회사는 8,840만 달러의 순현금, 6,680만 달러의 유가증권, 그리고 21억 달러에 달하는 상당한 수주 잔고를 보유하며 강력한 재무 상태를 유지하고 있습니다. 분기 종료 후 IES는 탬파에 본사를 둔 무선 네트워크 인프라 제공업체 Qypsys를 인수하고 Edmonson Electric의 남은 20% 지분을 매입했습니다.
IES Holdings (NASDAQ : IESC) a publié de solides résultats pour le troisième trimestre fiscal 2025, avec un chiffre d'affaires atteignant 890 millions de dollars, en hausse de 16 % par rapport à l'année précédente. La société a réalisé un résultat opérationnel de 111,9 millions de dollars, en augmentation de 24 %, ainsi qu'un résultat net de 77,2 millions de dollars, également en hausse de 24 % par rapport au troisième trimestre 2024.
Trois des quatre segments ont connu une croissance significative : le chiffre d'affaires des Communications a bondi de 56 % pour atteindre 299,2 millions de dollars, les Solutions d'Infrastructure ont progressé de 27 % à 129,5 millions de dollars, et le segment Commercial et Industriel a augmenté de 20 % à 115,4 millions de dollars. En revanche, le segment Résidentiel a diminué de 8 % à 346,1 millions de dollars en raison des difficultés du marché immobilier.
L'entreprise maintient une solide position financière avec 88,4 millions de dollars de trésorerie nette, 66,8 millions de dollars de titres négociables et un carnet de commandes important de 2,1 milliards de dollars. Après la clôture du trimestre, IES a acquis Qypsys, un fournisseur d'infrastructures de réseaux sans fil basé à Tampa, et a racheté les 20 % restants d'Edmonson Electric.
IES Holdings (NASDAQ: IESC) meldete starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 mit einem Umsatz von 890 Millionen US-Dollar, was einem Anstieg von 16 % gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte ein Operatives Ergebnis von 111,9 Millionen US-Dollar, eine Steigerung von 24 %, und einen Nettoertrag von 77,2 Millionen US-Dollar, ebenfalls ein Plus von 24 % im Vergleich zum dritten Quartal 2024.
Drei der vier Segmente verzeichneten ein deutliches Wachstum: Die Umsätze im Bereich Kommunikation stiegen um 56 % auf 299,2 Mio. USD, Infrastrukturlösungen wuchsen um 27 % auf 129,5 Mio. USD, und Gewerblich & Industriell legte um 20 % auf 115,4 Mio. USD zu. Das Wohnsegment ging aufgrund von Herausforderungen auf dem Wohnungsmarkt jedoch um 8 % auf 346,1 Mio. USD zurück.
Das Unternehmen hält eine starke Finanzposition mit 88,4 Millionen US-Dollar Nettoliquidität, 66,8 Millionen US-Dollar marktfähigen Wertpapieren und einem beträchtlichen Auftragsbestand von 2,1 Milliarden US-Dollar. Nach Quartalsende erwarb IES Qypsys, einen in Tampa ansässigen Anbieter von drahtlosen Netzwerkinfrastrukturen, und kaufte die restlichen 20 % Anteile an Edmonson Electric.
- Revenue increased 16% YoY to $890 million
- Operating income grew 24% YoY to $111.9 million
- Communications segment revenue surged 56% with strong data center demand
- Infrastructure Solutions operating income increased 65% to $32.6 million
- Strong backlog of $2.1 billion indicates robust future revenue potential
- Healthy balance sheet with $88.4 million net cash position
- Residential segment revenue declined 8% YoY due to housing market weakness
- Residential margins compressed due to builder incentives and price reductions
- Multi-family business showing declining backlog trend
- Commercial & Industrial segment operating income slightly decreased despite revenue growth
Insights
IES delivered exceptional Q3 results with 16% revenue growth and 24% operating income increase, driven primarily by data center demand.
IES Holdings has posted remarkably strong Q3 fiscal 2025 results, with revenue jumping
The standout performer was the Communications segment, which saw revenue skyrocket by
Similarly impressive was the Infrastructure Solutions segment, posting a
The Commercial & Industrial segment grew revenue by
The only underperforming area was the Residential segment, where revenue declined
From a forward-looking perspective, IES maintains a substantial backlog of approximately
IES ended the quarter with
HOUSTON, Aug. 01, 2025 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter ended June 30, 2025.
Third Quarter 2025 Highlights and Recent Developments
- Revenue of
$890 million for the third quarter of fiscal 2025, an increase of16% compared with$768 million for the same quarter of fiscal 2024 - Operating income of
$111.9 million for the third quarter of fiscal 2025, an increase of24% compared with$90.2 million for the same quarter of fiscal 2024 - Net income attributable to IES of
$77.2 million for the third quarter of fiscal 2025, an increase of24% compared with$62.1 million for the same quarter of fiscal 2024, and diluted earnings per share attributable to common stockholders of$3.81 for the third quarter of fiscal 2025, compared with$2.67 for the same quarter of fiscal 2024 - Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of
$79.8 million for the third quarter of fiscal 2025, an increase of26% compared with$63.2 million for the same quarter of fiscal 2024, and diluted adjusted earnings per share attributable to common stockholders of$3.95 for the third quarter of fiscal 2025, compared with$2.72 for the same quarter of fiscal 2024 - Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately
$1.3 billion as of June 30, 2025 - Backlog (a non-GAAP financial measure, as defined below) of approximately
$2.1 billion as of June 30, 2025 - Subsequent to quarter end, our Communications segment acquired Qypsys, a Tampa-based provider of wireless network infrastructure
Overview of Results
“During the third quarter of fiscal 2025, we delivered continued strong performance with a
"In our Residential segment, we continue to face a challenging housing market, as consumer demand continues to be affected by concerns over housing affordability, availability of insurance, unemployment, and overall economic uncertainty. Although the impacts of decreased demand were partially mitigated by expansion of our plumbing and HVAC trades in new markets, our Residential revenue for the third quarter of fiscal 2025 still declined compared with the prior year. Despite these current economic challenges, we remain optimistic about the longer term outlook for our Residential business based on positive demographic trends and pent-up demand for housing, which should lead to improved demand as housing affordability improves."
Our Communications segment’s revenue was
Our Residential segment’s revenue was
Our Infrastructure Solutions segment’s revenue was
Our Commercial & Industrial segment’s revenue was
Jeff Gendell, Executive Chairman, commented, “Now that Matt has assumed the CEO role, I'm looking forward to focusing my efforts as Executive Chairman on working with the team on our capital allocation priorities. During the third quarter of fiscal 2025, we continued our focus on growth, entering into an agreement to purchase an industrial fabrication operation in Manitowoc, Wisconsin to expand capacity for our custom engineered solutions business. Our Communications, Infrastructure Solutions and Commercial & Industrial segments continue to aggressively expand our capacity for large data center projects to meet the demands of our customers, and our Residential segment has continued its investment in information technology upgrades that will increase the scalability of the business.
"Subsequent to the end of the quarter, we acquired the remaining
Capital Allocation; Stock Buyback Plan
“Capital allocation remains a top priority, as we seek to generate strong returns on our operating cash flow," added Tracy McLauchlin, Chief Financial Officer. "We ended the quarter with
Capital allocation highlights during the third quarter of fiscal 2025 include the following:
- We supported the growth of our operating business with
$17.1 million in capital expenditures - We funded a
$7 million deposit on the expected purchase of the Manitowoc, Wisconsin fabrication operation - We repurchased 33,900 shares of our common stock for
$5.3 million , ending the quarter with$168.0 million remaining under our stock repurchase authorization - We used
$32.8 million of our excess cash to purchase marketable securities
Non-GAAP Financial Measures and Other Adjustments
This press release includes adjusted net income attributable to IES, adjusted diluted earnings per share attributable to common stockholders, and backlog, and, in the non-GAAP reconciliation tables included herein, adjusted net income attributable to common stockholders, adjusted EBITDA and adjusted net income before taxes, each of which is a financial measure not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Management believes that these measures provide useful information to our investors by, in the case of adjusted net income attributable to common stockholders, adjusted earnings per share attributable to common stockholders, adjusted EBITDA and adjusted net income before taxes, distinguishing certain nonrecurring events such as litigation settlements, significant expenses associated with leadership changes, or gains or losses from the sale of a business, or noncash events, such as impairment charges or unrealized gains and losses on our investments, or, in the case of backlog, providing a common measurement used in IES's industry, as described further below, and that these measures, when reconciled to the most directly comparable GAAP measures, help our investors to better identify underlying trends in the operations of our business and facilitate easier comparisons of our financial performance with prior and future periods and to our peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial tables included in this press release.
Remaining performance obligations represent the unrecognized revenue value of our contract commitments. While backlog is not a defined term under GAAP, it is a common measurement used in IES’s industry and IES believes this non-GAAP measure enables it to more effectively forecast its future results and better identify future operating trends that may not otherwise be apparent. IES’s remaining performance obligations are a component of IES’s backlog calculation, which also includes signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. IES’s methodology for determining backlog may not be comparable to the methodologies used by other companies.
For further details on the Company’s financial results, please refer to the Company’s quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025, to be filed with the Securities and Exchange Commission ("SEC") by August 1, 2025, and any amendments thereto.
About IES Holdings, Inc.
IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 9,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.
Company Contact:
Tracy McLauchlin
Chief Financial Officer
IES Holdings, Inc.
(713) 860-1500
Investor Relations Contact:
Robert Winters or Stephen Poe
Alpha IR Group
(312) 445-2870
IESC@alpha-ir.com
Certain statements in this release may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “seek,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. These statements involve risks and uncertainties that could cause the Company’s actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, a general reduction in the demand for our products or services; changes in general economic conditions, including supply chain constraints, high rates of inflation, changes in consumer sentiment, elevated interest rates, and market disruptions resulting from a number of factors, including geo-political events; competition in the industries in which we operate, which could result in the loss of one or more customers or lead to lower margins on new projects; our ability to successfully manage and execute projects, the cost and availability of qualified labor and the ability to maintain positive labor relations, and our ability to pass along increases in the cost of commodities used in our business; supply chain disruptions due to our suppliers' access to materials and labor, their ability to ship products timely, or credit or liquidity problems they may face; inaccurate estimates used when entering into fixed-price contracts, the possibility of errors when estimating revenue and progress to date on percentage-of-completion contracts, and complications associated with the incorporation of new accounting, control and operating procedures; our ability to enter into, and the terms of, future contracts; the existence of a small number of customers from whom we derive a meaningful portion of our revenues; reliance on third parties, including subcontractors and suppliers, to complete our projects; the inability to carry out plans and strategies as expected, including the inability to identify and complete acquisitions that meet our investment criteria, or the subsequent underperformance of those acquisitions; challenges integrating new businesses into the Company or new types of work, products or processes into our segments; backlog that may not be realized or may not result in profits; failure to adequately recover on contract change orders or claims against customers; closures or sales of our facilities resulting in significant future charges or a significant disruption of our operations; the impact of future epidemics or pandemics on our business; an increased cost of surety bonds affecting margins on work and the potential for our surety providers to refuse bonding or require additional collateral at their discretion; the impact of seasonality, adverse weather conditions, and climate change; fluctuations in operating activity due to factors such as cyclicality, downturns in levels of construction or the housing market, and differing regional economic conditions; difficulties in managing our billings and collections; accidents resulting from the physical hazards associated with our work and the potential for accidents; the possibility that our current insurance coverage may not be adequate or that we may not be able to obtain policies at acceptable rates; the effect of litigation, claims and contingencies, including warranty losses, damages or other latent defect claims in excess of our existing reserves and accruals; costs and liabilities under existing or potential future laws and regulations, including those laws and regulations related to the environment and climate change, as well as the inability to transfer, renew and obtain electrical and other professional licenses; interruptions to our information systems and cyber security or data breaches; expenditures to conduct environmental remediation activities required by certain environmental laws and regulations; loss of key personnel, ineffective transition of new management, or general labor constraints; credit and capital market conditions, including changes in interest rates that affect the cost of construction financing and mortgages, and the inability of some of our customers to obtain sufficient financing at acceptable rates, which could lead to project delays or cancellations; limitations on our ability to access capital markets and generate cash from operations to fund our capital needs; the impact on our effective tax rate or cash paid for taxes from changes in tax positions we have taken or changes in tax laws; difficulty in fulfilling the covenant terms of our revolving credit facility, which could result in a default and acceleration of any indebtedness under such revolving credit facility; reliance on certain estimates and assumptions that may differ from actual results in the preparation of our financial statements; uncertainties inherent in the use of percentage-of-completion accounting, which could result in the reduction or elimination of previously recorded revenues and profits; the recognition of potential goodwill, long-lived assets and other investment impairments; the existence of a controlling shareholder, who has the ability to take action not aligned with other shareholders or to dispose of all or a significant portion of the shares of our common stock it holds, which may trigger certain change of control provisions in a number of our material agreements; the relatively low trading volume of our common stock, which could increase the volatility of our stock price and could make it more difficult for shareholders to sell a substantial number of shares for the same price at which shareholders could sell a smaller number of shares; the possibility that we issue additional shares of common stock, preferred stock or convertible securities that will dilute the percentage ownership interest of existing stockholders and may dilute the value per share of our common stock; the potential for substantial sales of our common stock, which could adversely affect our stock price; the impact of increasing scrutiny and changing expectations from investors and customers, or new or changing regulations, with respect to environmental, social and governance practices; the cost or effort required for our shareholders to bring certain claims or actions against us, as a result of our designation of the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings; and the possibility that our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur, as well as other risk factors discussed in this document, in the Company’s annual report on Form 10-K for the year ended September 30, 2024 and in the Company’s other reports on file with the SEC. You should understand that such risk factors could cause future outcomes to differ materially from those experienced previously or those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Forward-looking statements are provided in this press release pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein.
General information about IES Holdings, Inc. can be found at http://www.ies-co.com under "Investor Relations." The Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through the Company's website as soon as reasonably practicable after they are filed with, or furnished to, the SEC.
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | $ | 890.2 | $ | 768.4 | $ | 2,473.7 | $ | 2,108.6 | |||||||
| Cost of services | 650.6 | 573.6 | 1,847.2 | 1,598.4 | |||||||||||
| Gross profit | 239.6 | 194.8 | 626.5 | 510.2 | |||||||||||
| Selling, general and administrative expenses | 127.3 | 104.7 | 346.4 | 285.8 | |||||||||||
| Contingent consideration | 0.3 | 0.1 | 1.0 | 0.1 | |||||||||||
| Gain on sale of assets | 0.1 | (0.2 | ) | (0.1 | ) | (1.6 | ) | ||||||||
| Operating income | 111.9 | 90.2 | 279.2 | 225.9 | |||||||||||
| Interest expense | 0.5 | 0.4 | 1.3 | 1.2 | |||||||||||
| Other (income) expense, net | 2.7 | 0.6 | (7.2 | ) | 0.3 | ||||||||||
| Income from operations before income taxes | 108.7 | 89.2 | 285.1 | 224.4 | |||||||||||
| Provision for income taxes | 29.4 | 22.6 | 75.5 | 57.4 | |||||||||||
| Net income | 79.3 | 66.6 | 209.6 | 167.0 | |||||||||||
| Net income attributable to noncontrolling interest | (2.1 | ) | (4.5 | ) | (5.4 | ) | (11.0 | ) | |||||||
| Net income attributable to IES Holdings, Inc. | $ | 77.2 | $ | 62.1 | $ | 204.2 | $ | 156.0 | |||||||
| Computation of earnings per share: | |||||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 77.2 | $ | 62.1 | $ | 204.2 | $ | 156.0 | |||||||
| Increase in noncontrolling interest | (0.5 | ) | (7.4 | ) | (1.6 | ) | (16.1 | ) | |||||||
| Net income attributable to common stockholders of IES Holdings, Inc. | $ | 76.7 | $ | 54.7 | $ | 202.6 | $ | 139.9 | |||||||
| Earnings per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | 3.86 | $ | 2.71 | $ | 10.16 | $ | 6.92 | |||||||
| Diluted | $ | 3.81 | $ | 2.67 | $ | 10.03 | $ | 6.84 | |||||||
| Shares used in the computation of earnings per share: | |||||||||||||||
| Basic (in thousands) | 19,856 | 20,224 | 19,939 | 20,217 | |||||||||||
| Diluted (in thousands) | 20,104 | 20,497 | 20,188 | 20,463 | |||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO IES HOLDINGS, INC. AND ADJUSTED EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 77.2 | $ | 62.1 | $ | 204.2 | $ | 156.0 | |||||||
| Unrealized (gain) loss on trading securities (1) | 3.7 | 1.5 | (4.1 | ) | 3.3 | ||||||||||
| Provision for income taxes | 29.4 | 22.6 | 75.5 | 57.4 | |||||||||||
| Adjusted income from operations before income taxes | 110.3 | 86.2 | 275.6 | 216.7 | |||||||||||
| Adjusted tax expense (2) | (30.5 | ) | (23.0 | ) | (74.5 | ) | (58.2 | ) | |||||||
| Adjusted net income attributable to IES Holdings, Inc. | 79.8 | 63.2 | 201.1 | 158.5 | |||||||||||
| Adjustments for computation of earnings per share: | |||||||||||||||
| Increase in noncontrolling interest | (0.5 | ) | (7.4 | ) | (1.6 | ) | (16.1 | ) | |||||||
| Adjusted net income attributable to common stockholders | $ | 79.3 | $ | 55.8 | $ | 199.5 | $ | 142.4 | |||||||
| Adjusted earnings per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | 4.00 | $ | 2.76 | $ | 10.01 | $ | 7.04 | |||||||
| Diluted | $ | 3.95 | $ | 2.72 | $ | 9.88 | $ | 6.96 | |||||||
| Shares used in the computation of earnings per share: | |||||||||||||||
| Basic (in thousands) | 19,856 | 20,224 | 19,939 | 20,217 | |||||||||||
| Diluted (in thousands) | 20,104 | 20,497 | 20,188 | 20,463 | |||||||||||
| (1) Included in Other income on our Condensed Consolidated Statement of Operations | |||||||||||||||
| (2) Adjusted for the tax impact of adjustments to pretax income above | |||||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||
| June 30, | September 30, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 101.4 | $ | 100.8 | |||
| Restricted cash | 7.0 | — | |||||
| Marketable securities | 66.8 | 35.0 | |||||
| Accounts receivable: | |||||||
| Trade, net of allowance | 535.5 | 469.8 | |||||
| Retainage | 98.5 | 89.8 | |||||
| Inventories | 108.8 | 101.7 | |||||
| Costs and estimated earnings in excess of billings | 74.7 | 60.2 | |||||
| Prepaid expenses and other current assets | 20.1 | 14.4 | |||||
| Total current assets | 1,012.8 | 871.7 | |||||
| Property and equipment, net | 164.4 | 134.2 | |||||
| Goodwill | 95.3 | 93.9 | |||||
| Intangible assets, net | 38.9 | 45.9 | |||||
| Investments | 44.9 | — | |||||
| Deferred tax assets | 22.4 | 22.4 | |||||
| Operating right of use assets | 77.2 | 62.0 | |||||
| Other non-current assets | 13.8 | 13.9 | |||||
| Total assets | $ | 1,469.7 | $ | 1,244.0 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable and accrued expenses | $ | 391.8 | $ | 363.6 | |||
| Billings in excess of costs and estimated earnings | 154.8 | 159.0 | |||||
| Total current liabilities | 546.6 | 522.6 | |||||
| Long-term debt | 20.0 | — | |||||
| Operating long-term lease liabilities | 52.7 | 40.4 | |||||
| Other tax liabilities | 17.7 | 16.7 | |||||
| Other non-current liabilities | 10.3 | 12.2 | |||||
| Total liabilities | 647.3 | 591.9 | |||||
| Noncontrolling interest | 41.0 | 41.0 | |||||
| STOCKHOLDERS’ EQUITY: | |||||||
| Preferred stock | — | — | |||||
| Common stock | 0.2 | 0.2 | |||||
| Treasury stock, at cost | (127.7 | ) | (90.3 | ) | |||
| Additional paid-in capital | 208.6 | 203.4 | |||||
| Retained earnings | 700.3 | 497.8 | |||||
| Total stockholders’ equity | 781.4 | 611.1 | |||||
| Total liabilities and stockholders’ equity | $ | 1,469.7 | $ | 1,244.0 | |||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||
| Nine Months Ended | |||||||
| June 30, | |||||||
| 2025 | 2024 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 209.6 | $ | 167.0 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Bad debt expense | 0.7 | 0.5 | |||||
| Deferred financing cost amortization | 0.3 | 0.2 | |||||
| Depreciation and amortization | 34.7 | 26.1 | |||||
| Gain on sale of assets | (0.2 | ) | (1.6 | ) | |||
| Non-cash compensation expense | 9.4 | 4.3 | |||||
| Deferred income tax expense (benefit) and other non-cash tax adjustments, net | 0.5 | 3.8 | |||||
| Unrealized (gain) loss on trading securities | (4.1 | ) | 3.3 | ||||
| Changes in operating assets and liabilities: | |||||||
| Marketable securities | (27.7 | ) | — | ||||
| Accounts receivable | (64.2 | ) | (80.3 | ) | |||
| Inventories | 4.5 | (11.2 | ) | ||||
| Costs and estimated earnings in excess of billings | (14.6 | ) | (0.7 | ) | |||
| Prepaid expenses and other current assets | (14.3 | ) | (37.3 | ) | |||
| Other non-current assets | (1.4 | ) | 0.2 | ||||
| Accounts payable and accrued expenses | 24.1 | 31.3 | |||||
| Billings in excess of costs and estimated earnings | (4.2 | ) | 34.8 | ||||
| Other non-current liabilities | 1.0 | 1.0 | |||||
| Net cash provided by operating activities | 154.1 | 141.6 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property and equipment | (47.3 | ) | (30.9 | ) | |||
| Proceeds from sale of assets | 0.7 | 2.5 | |||||
| Purchases of equity investments | (44.9 | ) | (0.4 | ) | |||
| Cash paid in conjunction with business combinations, net of cash acquired | (22.6 | ) | (67.7 | ) | |||
| Net cash used in investing activities | (114.1 | ) | (96.4 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Borrowings of debt | 996.4 | 2,089.9 | |||||
| Repayments of debt | (976.4 | ) | (2,089.9 | ) | |||
| Cash paid for finance leases | (3.3 | ) | (3.0 | ) | |||
| Purchase of noncontrolling interest | — | (31.2 | ) | ||||
| Settlement of contingent consideration liability | — | (4.1 | ) | ||||
| Distribution to noncontrolling interest | (7.5 | ) | (13.5 | ) | |||
| Purchase of treasury stock | (41.6 | ) | (24.3 | ) | |||
| Net cash used in financing activities | (32.4 | ) | (76.1 | ) | |||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 7.6 | (30.9 | ) | ||||
| CASH and CASH EQUIVALENTS, beginning of period | 100.8 | 75.8 | |||||
| CASH and CASH EQUIVALENTS, end of period | $ | 108.4 | $ | 44.9 | |||
| IES HOLDINGS, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues | |||||||||||||||
| Communications | $ | 299.2 | $ | 192.3 | $ | 805.2 | $ | 556.6 | |||||||
| Residential | 346.1 | 377.5 | 984.0 | 1,032.7 | |||||||||||
| Infrastructure Solutions | 129.5 | 102.0 | 355.2 | 240.7 | |||||||||||
| Commercial & Industrial | 115.4 | 96.6 | 329.3 | 278.6 | |||||||||||
| Total revenue | $ | 890.2 | $ | 768.4 | $ | 2,473.7 | $ | 2,108.6 | |||||||
| Operating income (loss) | |||||||||||||||
| Communications | $ | 47.8 | $ | 21.0 | $ | 116.0 | $ | 64.3 | |||||||
| Residential | 33.4 | 43.7 | 79.9 | 102.5 | |||||||||||
| Infrastructure Solutions | 32.6 | 19.8 | 82.4 | 46.8 | |||||||||||
| Commercial & Industrial | 12.9 | 13.0 | 35.8 | 31.7 | |||||||||||
| Corporate | (14.8 | ) | (7.3 | ) | (34.9 | ) | (19.4 | ) | |||||||
| Total operating income | $ | 111.9 | $ | 90.2 | $ | 279.2 | $ | 225.9 | |||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED EBITDA (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 77.2 | $ | 62.1 | $ | 204.2 | $ | 156.0 | |||||||
| Provision for income taxes | 29.4 | 22.6 | 75.5 | 57.4 | |||||||||||
| Interest & other (income) expense, net | 3.1 | 1.0 | (5.9 | ) | 1.5 | ||||||||||
| Depreciation and amortization | 11.7 | 10.6 | 34.7 | 26.0 | |||||||||||
| EBITDA | $ | 121.4 | $ | 96.3 | $ | 308.5 | $ | 240.9 | |||||||
| Non-cash equity compensation expense | 4.3 | 1.4 | 9.4 | 4.3 | |||||||||||
| Adjusted EBITDA | $ | 125.7 | $ | 97.7 | $ | 317.9 | $ | 245.2 | |||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES SUPPLEMENTAL REMAINING PERFORMANCE OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG DATA (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||||
| June 30, | September 30, | June 30, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Remaining performance obligations | $ | 1,295 | $ | 1,176 | $ | 1,177 | |||||
| Agreements without an enforceable obligation (1) | 772 | 610 | 520 | ||||||||
| Backlog | $ | 2,067 | $ | 1,786 | $ | 1,697 | |||||
| (1) Our backlog contains signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. | |||||||||||
FAQ
What were IES Holdings (IESC) key financial results for Q3 2025?
How did IES Holdings' different segments perform in Q3 2025?
What is IES Holdings' current backlog and cash position as of Q3 2025?
What acquisitions did IES Holdings announce in Q3 2025?
Why did IES Holdings' Residential segment decline in Q3 2025?
