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IES IES Holdings Reports Fiscal 2021 First Quarter Results February 5 , 2021 HOUSTON , Feb. 05 , 2021 ( GLOBE NEWSWIRE ) results for the quarter ended December 31 , 2020 . First Quarter 2021 Highlights -- IES Holdings , Inc. ( or " IES " or the " Company " ) ( NASDAQ : IESC ) today announced financial • Revenue of $ 315 million for the first quarter of fiscal 2021 , an increase of 14 % compared with $ 276 million for the same quarter of fiscal 2020 • Operating income of $ 15.9 million for the first quarter of fiscal 2021 , an increase of 28 % compared with $ 12.4 million for the same quarter of fiscal 2020 • Net income attributable to IES increased 42 % to $ 12.1 million , or $ 0.58 per diluted share , for the first quarter of fiscal 2021 , compared with $ 8.5 million , or $ 0.39 per diluted share , for the same quarter of fiscal 2020 • Adjusted net income attributable to IES ( a non - GAAP financial measure , as defined below ) increased 31 % to $ 14.8 million , or $ 0.71 per diluted share , for the first quarter of fiscal 2021 , compared with $ 11.3 million , or $ 0.54 per diluted share , for the same quarter of fiscal 2020 • Remaining performance obligations , a GAAP measure of future revenue to be recognized from current contracts with customers , of approximately $ 525 million as of December 31 , 2020 • Backlog ( a non - GAAP financial measure , as defined below ) of approximately $ 632 million as of December 31 , 2020 Overview of Results " Despite the ongoing challenges presented by the COVID - 19 pandemic , we are pleased with our overall results for the first quarter of fiscal 2021 , as demand for our services remained strong , " said Jeffrey Gendell , Chairman and Chief Executive Officer . " Entering the new fiscal year , our top priorities remain the safety and health of our employees and serving the needs of our customers in what continues to be a challenging environment . While the pandemic continues to add uncertainty to our operations , we believe we are well positioned to meet these challenges and continue to grow the business . " Consolidated revenue for the first quarter of fiscal 2021 increased 14 % over the prior year , led by significant growth in our Communications and Residential businesses , as well as the acquisition of businesses in our Residential and Infrastructure Solutions segments . Excluding the contribution of businesses acquired subsequent to the first quarter of fiscal 2020 , our revenue increased 7 % for the first quarter of fiscal 2021. Operating income for the first quarter of fiscal 2021 increased 28 % over the prior year , despite the impact of rapidly escalating copper and other commodity prices , as well as higher prices for certain electrical component products used in our business . " For the first quarter of fiscal 2021 , the Communications segment reported revenue of $ 98.4 million , a 17 % increase from the first quarter of fiscal 2020 , driven primarily by increased demand from data center and distribution center customers , while operating income increased 31 % to $ 9.2 million . Reflecting strong demand in the single - family housing market , as well as the contribution of businesses acquired subsequent to the first quarter of fiscal 2020 , the Residential segment's revenue was $ 119.5 million in the first quarter of fiscal 2021 , an increase of 29 % compared with the first quarter of fiscal 2020. The Residential segment's operating income was $ 6.2 million for the first quarter of fiscal 2021 , a decrease of 3 % compared to the first quarter of fiscal 2020 , as higher commodity and component prices offset the benefits of increased revenue . Revenue in the Infrastructure Solutions segment increased 10 % to $ 34.4 million in the first quarter of fiscal 2021 compared to the first quarter of fiscal 2020 , reflecting the impact of businesses acquired subsequent to the first quarter of fiscal 2020. The segment's operating income increased 63 % to $ 5.3 million compared to the first quarter of fiscal 2020 , primarily as a result of improved margins in our custom power solutions business and the impact of businesses acquired subsequent to the first quarter of fiscal 2020 . The Commercial & Industrial segment reported revenue of $ 62.6 million for the first quarter of fiscal 2021 , a decline of 8 % compared to the first quarter of fiscal 2020. The segment reported an operating loss of $ 0.7 million for the first quarter of fiscal 2021 , compared with a loss of $ 0.5 million for the first quarter of fiscal 2020. Although the business has adjusted its cost structure in response to a highly competitive market , it continues to experience inefficiencies on certain projects and be affected by the ongoing COVID - 19 pandemic , which resulted in delays in awarding new projects and decreased demand for new construction in certain sectors we serve . Tracy McLauchlin , Chief Financial Officer , added , " We generated $ 20 million of operating cash flow during the first quarter of fiscal 2021 and ended the quarter with a cash balance , net of outstanding debt , of $ 13 million , after investing an aggregate of $ 55 million in the three previously announced acquisitions completed during the quarter , K.E.P. Electric , Inc. , Wedlake Fabricating , Inc. and Bayonet Plumbing , Heating and Air - Conditioning , LLC . We believe that our strong balance sheet provides us with a solid financial foundation to navigate through this uncertain environment and leaves us well positioned to execute our growth strategy in fiscal 2021. "