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) 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.
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.
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