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 (Nasdaq: ESOA) has announced that its President, Doug Reynolds, will deliver a presentation at the 16th Annual Southwest IDEAS Investor Conference. The event will take place on November 21, 2024, at The Statler in Dallas, TX, with the company's presentation scheduled for 11:30am CT.
The presentation will be accessible via webcast through the conference host's website at threepartadvisors.com/southwest. Interested parties can contact Lacey Wesley for more information about the IDEAS conferences.
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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