Mary K. Newman, Vice President, General Counsel, and Corporate Secretary at IES Holdings, Inc. (NASDAQ:IESC), recently sold 2,500 shares of the company’s common stock. The shares were sold on November 27 at a weighted average price of $286.23, totaling approximately $715,575. Following this transaction, Newman holds 18,286.3 shares directly. The sale comes as IES Holdings, currently valued at $6.19 billion, has demonstrated remarkable performance with a 291% year-to-date return. According to InvestingPro analysis, the company maintains a “GREAT” financial health rating, though current prices suggest the stock is trading above its Fair Value.
In addition to the sale, Newman was granted a total of 5,449 Phantom Stock Units (PSUs) on the same day. These awards, part of the IES Holdings 2006 Equity Incentive Plan, include 5,000 PSUs divided into two tranches that will vest in December 2026 and December 2027, and an additional 449 PSUs that will vest by December 2027 or upon the filing of the company’s annual report for the fiscal year ending September 30, 2027. The stock currently trades near its 52-week high of $318.99, reflecting strong investor confidence. InvestingPro subscribers can access 15 additional key insights about IES Holdings’ financial performance and growth prospects.
In other recent news, a consortium led by Mason Capital Management LLC, including IES Holdings, Inc., has reached an agreement to acquire CB&I storage solutions business from McDermott International, Ltd. The acquisition, anticipated to close in the fourth quarter of 2024, will establish CB&I as an independent entity with a debt-free balance sheet. This move aligns with the growing demand for infrastructure and energy projects, particularly energy transition storage solutions.
IES Holdings, Inc. has reported substantial financial growth for its third quarter ending June 30, 2024. The company’s revenue increased by 31% to $768 million, and its operating income rose to $90.2 million, a 163% increase from the previous fiscal year. Net income attributable to IES for the quarter was $62.1 million, marking a 175% increase from the prior year’s quarter.
The company also continued its share repurchase program, with $20.9 million in shares repurchased during the third quarter and a new $200 million share repurchase program authorized post-quarter. In other developments, IES Holdings announced the appointment of John Louis Fouts to its Board of Directors, while reporting the resignation of Elizabeth D. Leykum from the same board, citing other commitments as the reason for her departure. These are the recent highlights for IES Holdings, Inc. and CB&I.
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