ESOA (2.73) reports Dec Q1 EPS of just $0.01 versus $0.07 y/y. Backlog is up sharply, so at least that's good news, although backlog was also strong after Q4 and that didn't help Q1 ..... revenue up 40% y/y but gross margins dropped from 12.4% to 10% and SG&A surged by 46%. The net result was a steep drop in operating margins from 3.9% to a mere 1.1%. Hopefully margins will recover in Q2 ......
HUNTINGTON, W.Va., Feb. 13, 2023 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA), generated net income of $164,000, fully diluted earnings per share of $0.01, revenues of $60.0 million, and adjusted EBITDA of $2.6 million for the three months ended December 31, 2022. The Company had an unaudited backlog of $206.9 million at December 31, 2022, as compared to $101.6 million at December 31, 2021.
Douglas Reynolds, President, commented on the announcement. "While the first quarter of fiscal year 2023 did not meet our expectations, we believe our backlog has the Company poised for a strong year. Notably, we have several natural gas projects under contract along with an electric vehicle battery project and a new school construction project." Reynolds continued, "Even beyond our current backlog, we are seeing tremendous opportunities to add additional work for this fiscal year and have added a considerable amount of construction experience and talent to our organization."
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