HUNTINGTON, W.Va., Feb. 12, 2024 /PRNewswire/ — Energy Services of America Corporation (the “Company” or “Energy Services”) (NASDAQ:ESOA), generated net income of $2.0 million, fully diluted earnings per share of $0.12, revenues of $90.2 million, and adjusted EBITDA of $5.8 million for the three months ended December 31, 2023. The Company had a backlog of $185.9 million (unaudited) at December 31, 2023, as compared to $206.9 million (unaudited) at December 31, 2022.
Douglas Reynolds, President, commented on the announcement. “The financial results for the three months ended December 31, 2023 mark the best first fiscal quarter in the history of Energy Services. We continue to be impressed by our employees’ performance and are excited about the construction opportunities being received.” Reynolds continued, “Fiscal year 2024 is off to a great start and we are looking forward to providing superior services to our customers and maximizing shareholder value into the future.”
Below is a comparison of the Company’s operating results for the three months ended December 31, 2023 and 2022 (unaudited):
Three Months Ended
Three Months Ended
December 31, 2023
December 31, 2022
Revenue
$ 90,163,187
$ 60,042,585
Cost of revenues
79,324,226
54,056,323
Gross profit
10,838,961
5,986,262
Selling and administrative expenses
7,198,720
5,316,138
Income from operations
3,640,241
670,124
Other income (expense)
Interest income
–
72
Other nonoperating income (expense)
75,001
Leave a Reply