IES Holdings, Inc. announced its fiscal 2024 fourth quarter and full year results on November 22, 2024, reporting a 21% increase in consolidated revenue for the full fiscal year compared to fiscal 2023. Operating income also increased substantially for both the fourth quarter and the full fiscal year, driven by revenue growth and strong project execution.
For the full fiscal year 2024, the Communications segment's revenue grew 29% to $776.5 million, with operating income increasing to $86.9 million, primarily due to demand from data center customers. The Infrastructure Solutions segment saw revenue increase 62% to $351.1 million, with operating income of $67.5 million, driven by custom power solutions for the data center market.
The Residential segment's revenue increased 9% to $1.4 billion for fiscal 2024, with operating income up 66% to $137.3 million, benefiting from plumbing and HVAC expansion and strong demand in Florida. IES Holdings ended fiscal 2024 with $100.8 million in cash and no debt, and repurchased 289,284 shares for $39 million under its stock buyback program, with $198.1 million remaining under authorization.
The Commercial & Industrial segment's revenue was $368.0 million, up from $279.6 million in fiscal 2023, with operating income of $41.4 million, largely due to strong performance on a large data center project. Greiner Industries, acquired on April 1, 2024, contributed $34.0 million in revenue and $2.5 million in operating income for fiscal 2024.
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