HUNTINGTON, W.Va. - Energy Services of America (OTC:ESOA) Corporation (NASDAQ: ESOA) reported a net income of $2.0 million and fully diluted earnings per share of $0.12 for the quarter ending December 31, 2023. The company, a contractor and service provider operating mainly in the mid-Atlantic and Central regions of the United States, announced revenues of $90.2 million and adjusted EBITDA of $5.8 million for the same period. This performance marks a significant increase from the previous year's revenue of $60.0 million and adjusted EBITDA of $2.6 million.
While the company's backlog decreased 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 the construction opportunities and the company's ability to provide superior services and maximize shareholder value.
The financial results for the three months ended December 31, 2023, have been described by Reynolds as the best first fiscal 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 production, and employs over 1,000 workers regularly. The company provides services to clients in various industries, including natural gas, petroleum, water distribution, automotive, chemical, and power.
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 aimed at providing a clearer understanding of the company's operating performance.
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