IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ:IESC) today announced financial results for the quarter ended December 31, 2017. Results during the quarter were adversely impacted by a preliminary $31.3 million charge related to the December 2017 enactment of the Tax Cuts and Jobs Act, which went into effect January 1, 2018.
First Quarter 2018 Highlights
- Revenue of $198 million for the first quarter of fiscal 2018, an increase of 3% compared with the first quarter of fiscal 2017
- Income from operations of $3.0 million for the first quarter of fiscal 2018, a decrease of $4.0 million compared with the first quarter of fiscal 2017
- Net loss attributable to IES for the first quarter of fiscal 2018 of $29.6 million, or $1.39 per diluted share, which includes a $31.3 million charge related to the enactment of the Tax Cuts and Jobs Act (as further discussed below)
- Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) for the first quarter of fiscal 2018 of $2.4 million, a decrease of $3.6 million compared with the first quarter of fiscal 2017
- Backlog of approximately $337 million as of December 31, 2017, as compared to approximately $331 million as of September 30, 2017 and approximately $328 million as of December 31, 2016