©Reuters
HUNTINGTON, Va. – Energy Services of America (OTC:) Corporation (NASDAQ: ESOA) reported net income of $2.0 million and fully diluted earnings per share of $0.12 for the quarter ended December 31, 2023 The company, a contractor and service provider primarily operating in the Mid-Atlantic and Central U.S. regions, announced revenues of $90.2 million and adjusted EBITDA of $5.8 million for the same period . This performance marks a significant increase from prior year revenue of $60 million and adjusted EBITDA of $2.6 million.
While the company’s backlog declined slightly from $206.9 million at the end of 2022 to $185.9 million at the end of 2023, President Douglas Reynolds expressed optimism about construction opportunities and the company’s ability to deliver superior services and maximize shareholder value.
Financial results for the three months ended December 31, 2023 were described by Reynolds as the best fiscal first quarter in the company’s history, attributing the success to the performance of the company’s employees.
Energy Services emphasizes its core values of safety, quality and manufacturing and regularly employs over 1,000 workers. The company provides services to customers in various industries, including oil and gas, water distribution, automotive, chemical and energy.
In the financial report, the company also presented a reconciliation of non-GAAP financial measures, such as Adjusted EBITDA, to the most directly comparable GAAP measures. The inclusion of these measures is intended to provide a clearer understanding of the company’s operational performance.
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