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IES Holdings, Inc. (NASDAQ: IESC) is a leading provider of electrical and technology systems, as well as infrastructure products and services. Headquartered in Plano, Texas, IES operates through four primary business segments: Communications, Residential, Infrastructure Solutions, and Commercial & Industrial.
The Residential segment, which is the largest revenue generator for the company, offers electrical installation services for single-family homes and multi-family apartment complexes. This segment also includes heating, ventilation, and air conditioning (HVAC) services, plumbing installation, and residential solar power services for both new and existing homes.
The Communications segment specializes in designing and installing integrated technology systems. In the first quarter of fiscal 2024, this segment reported a revenue of $170.7 million, a 16% increase year-over-year, driven by strong demand from high-tech manufacturing and e-commerce distribution centers.
The Infrastructure Solutions segment focuses on custom power solutions including generator enclosures. In the first quarter of fiscal 2024, this segment achieved a 28% revenue increase, reaching $62.9 million, primarily due to high demand in its custom power solutions business.
The Commercial & Industrial segment provides electrical and technology solutions for commercial and industrial facilities. For the first quarter of fiscal 2024, revenue increased by 41% to $85.0 million, thanks to a significant data center project and improved project execution.
IES Holdings' recent financial performance has been robust. The company reported a 10% increase in revenue and a notable improvement in operating margins for the first quarter of fiscal 2024. Operating income grew to 9.1% of revenue, reflecting strong demand and improved market conditions.
IES Holdings is committed to optimizing operational processes and exploring growth opportunities. The company boasts a strong balance sheet with a cash balance of $87.5 million and no debt, positioning it well for future investments and strategic acquisitions. In December 2022, the Board of Directors authorized a stock repurchase program of up to $40 million, with $37.6 million still available under this authorization as of December 31, 2023.
TriMas (NASDAQ: TRS) has sold its subsidiary Arrow Engine Company to IES Infrastructure Solutions , a division of IES Holdings, Inc. (NASDAQ: IESC). Arrow Engine, based in Tulsa, Oklahoma, specializes in natural gas-powered engines, compressors, and replacement parts for oil and gas production and industrial markets.
Arrow Engine's products are primarily distributed throughout the United States and Canada through a worldwide distribution network. The company manufactures its own engine line and provides spare parts for various industrial engines. The acquisition aligns with IES Holdings' portfolio, which includes electrical and technology systems installation and infrastructure services across various end markets including data centers, residential housing, and commercial facilities.
IES Holdings (NASDAQ: IESC) reported strong financial results for Q1 FY2025. Revenue increased 18% to $750 million compared to $634 million in Q1 FY2024. Operating income grew 29% to $74.6 million, while net income rose 37% to $56.3 million.
The company saw significant growth across multiple segments: Communications revenue increased 36% to $232.9 million, Residential revenue grew 1% to $320.0 million, and Infrastructure Solutions revenue surged 72% to $108.1 million. Commercial & Industrial revenue increased 4% to $88.5 million.
The company maintains a strong financial position with $59.1 million in cash and $53.0 million in marketable securities. Backlog stands at approximately $1.8 billion as of December 31, 2024, with remaining performance obligations of $1.2 billion.
IES Holdings (NASDAQ: IESC) has acquired Arrow Engine Company from TriMas Arrow, based in Tulsa, Oklahoma, specializes in engines, generator sets, compressors, and replacement parts primarily for the natural gas production market. The acquisition includes Arrow's 130,000-square-foot manufacturing facility in Tulsa.
Arrow, with projected 2024 revenue of $20 million, will be integrated into IES's Infrastructure Solutions segment while maintaining its brand name. The acquisition strategically expands IES's power services into oil and gas markets, with plans for substantial investments to expand Arrow's product line and drive growth.
The combined operation will utilize over 1.5 million square feet of manufacturing and fabrication space across facilities in Ohio, Oklahoma, and Pennsylvania.
TriMas (NASDAQ: TRS) has completed the sale of its Arrow Engine business to IES Infrastructure Solutions , a division of IES Holdings, Inc. (NASDAQ: IESC), marking its exit from the oil and gas market sector. The transaction closed on January 31, 2025.
Arrow Engine, founded in 1955, is a provider of natural gas-powered engines and replacement parts for oil field applications, with an estimated 2024 revenue of approximately $20 million. The business primarily serves the United States and Canada through its worldwide distribution network.
Following the sale, Arrow Engine will operate under IES's Infrastructure Solutions segment while maintaining the Arrow name. The 2025 segment reporting for TriMas's Specialty Products will now only include Norris Cylinder's financial performance, along with one month of Arrow Engine's results.
IES Holdings (NASDAQ: IESC) has announced its schedule for the release of fiscal 2025 first quarter results. The company will disclose its financial performance before market opens on Tuesday, February 4, 2025.
IES Holdings (NASDAQ: IESC) has announced a significant enhancement to its credit facilities, amending and restating its Credit and Security Agreement. The company has doubled its revolving credit facility to $300 million from $150 million, with an extended maturity date to January 21, 2030.
The amended agreement transitions IES to a cash flow-based facility, providing increased borrowing capacity compared to the previous asset-based structure. Wells Fargo Bank serves as Administrative Agent, while Wells Fargo Securities and Fifth Third Bank act as Joint Lead Arrangers and Bookrunners.
The expanded credit facility aims to strengthen IES's ability to execute its capital allocation strategy, providing enhanced liquidity and flexibility for organic growth, acquisitions, share repurchases, and other investment opportunities.
CB&I, a leading designer and builder of storage facilities for energy markets, announced the completion of its acquisition by a consortium led by Mason Capital Management in partnership with IES Holdings (NASDAQ: IESC) and other investors. The all-cash equity transaction positions CB&I, formerly a subsidiary of McDermott International, as an independent company with no funded debt.
The deal aims to strengthen CB&I's market position, leveraging its 135+ year heritage in delivering innovative solutions for energy and industrial infrastructure. The company plans to capitalize on strong end-market demand and advance its strategic goals under the new ownership structure.
IES Holdings reported strong financial results for fiscal 2024. Fourth quarter revenue increased 20% to $776 million, with operating income up 41% to $75 million. For the full fiscal year 2024, revenue grew 21% to $2.9 billion, while operating income jumped 88% to $300.9 million. Net income attributable to IES reached $219.1 million, a 102% increase from 2023. The company maintained a strong financial position with no debt and $100.8 million in cash. All four operating segments showed revenue growth and margin expansion, with particularly strong performance in data center markets. The company's backlog stood at approximately $1.8 billion as of September 30, 2024.
IES Holdings (NASDAQ: IESC) announced it will release its fiscal 2024 fourth quarter and year-end financial results before market opening on Friday, November 22, 2024. The announcement serves as a scheduling notice for investors and market participants awaiting the company's latest financial performance data.
A consortium led by Mason Capital Management has entered into a definitive agreement to acquire CB&I, a leading storage solutions business, from McDermott International, . The all-cash equity transaction will establish CB&I as an independent company with no funded debt. CB&I, founded in 1889, is a global leader in designing and building storage facilities for energy and industrial markets, employing over 4,000 people across 30 locations worldwide.
The acquisition aims to leverage CB&I's potential as a standalone enterprise, with the existing management team continuing to lead the company. Post-transaction, CB&I will have a debt-free balance sheet and a new revolving credit facility, positioning it to capitalize on strong market demand and energy transition storage solutions. The deal is expected to close in Q4 2024, subject to customary closing conditions.
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