Energy Services of America Corporation Reports Q4 2023 Results, Experiences Surge in Revenue and Earnings
Energy Services of America Corporation, a leading provider of services in industries such as petroleum, water distribution, automotive, chemical, and power, has announced impressive financial results for the quarter ending December 31, 2023. The company reported a net income of $2.0 million and fully diluted earnings per share of $0.12, showcasing its strong performance.
Revenues for the same period reached $90.2 million, marking a significant increase from the previous year’s revenue of $60.0 million. This surge in revenue contributed to the company’s adjusted EBITDA of $5.8 million, another notable improvement from the previous year’s adjusted EBITDA of $2.6 million. These figures demonstrate Energy Services of America Corporation’s ability to drive growth and generate substantial returns for its shareholders.
Despite a decrease in the company’s backlog from $206.9 million at the end of 2022 to $185.9 million at the end of 2023, President Douglas Reynolds remains optimistic about the future. Reynolds emphasized the promising construction opportunities ahead and the company’s focus on maximizing shareholder value.
President Reynolds hailed the financial results for the three months ending December 31, 2023, as the best first fiscal quarter in the company’s history. He attributed this success to the hard work and dedication of Energy Services’ over 1,000 employees, who have contributed to the company’s remarkable growth.
Energy Services of America Corporation aims to provide transparency and clarity to its stakeholders. The company presented a reconciliation of non-GAAP financial measures, such as adjusted EBITDA, to the most directly comparable GAAP measures. This move aims to give investors a clearer understanding of the company’s operating performance and its commitment to responsible financial reporting.
With its impressive financial results and a positive outlook for the future, Energy Services of America Corporation continues to position itself as a leader in the industry. The company’s success reflects its dedication to serving clients in various sectors and its commitment to delivering value to its shareholders.
Analyst comment
This news is positive. The company reported a surge in revenue and earnings, demonstrating strong performance and growth. Despite a decrease in backlog, President Reynolds remains optimistic about future construction opportunities. With transparency in financial reporting, Energy Services of America Corporation is positioned as a leader in the industry.
