AI Sentiment: Bullish
Reason: Energy Services of America reported increased annual revenue and profits for fiscal year 2024, and maintains a strong backlog of work, indicating potential for continued growth.
In recent financial news, Energy Services of America has announced its results for the fourth quarter and the full fiscal year of 2024. The corporation, which is primarily engaged in providing contracting services for energy-related companies, reported a significant increase in its annual revenue, reflecting a strong performance throughout the year.
The company's revenue for the fiscal year ending September 30, 2024, totaled $109.2 million, a significant increase from the $104.6 million reported for the fiscal year 2023. The gross profit for the year was $14.6 million, up from $13.9 million in the previous year. The company also reported a net income of $1.6 million, or $0.08 per share.
For the fourth quarter of 2024, Energy Services of America reported a revenue of $30.7 million, up from the $27.8 million reported for the same period in 2023. The gross profit for the quarter was $3.8 million, compared to $3.4 million from the fourth quarter of 2023. The net income for the quarter was $0.5 million, or $0.025 per share.
Along with the financial results, the company highlighted that it continues to maintain a strong backlog of work, which is a testament to the company's strong performance and growth. The company's backlog as of September 30, 2024, was approximately $86 million.
Overall, these financial results reveal a positive trajectory for Energy Services of America. The company's improved revenues and profits, along with its robust backlog, indicate a strong position within the energy sector and suggest potential for continued growth in the coming years.