收购交易概览 - Energy Services of America子公司Nitro Construction收购Rigney Digital Systems的资产 双方已签署资产购买协议 [1] - Rigney Digital Systems成立于2000年 是西弗吉尼亚州地区领先的HVAC控制系统供应商 专注于设计、安装和维护高效可靠的暖通空调控制系统 [2][6] - 收购后Rigney将保留品牌、员工和客户关系 同时获得Nitro Construction的资源和运营支持 [2] 战略协同与运营安排 - 此次收购使Nitro Construction扩展建筑技术专业知识 强化智能高效建筑解决方案提供能力 [2][3] - Rigney将作为Nitro Construction家族中的独立运营实体存在 确保现有客户服务的连续性并支持未来在HVAC控制领域的增长 [3] - Energy Services首席执行官Douglas Reynolds表示此次收购是自然契合 Rigney的HVAC控制专业知识与公司现有服务形成互补 [3] 公司背景信息 - Energy Services of America总部位于西弗吉尼亚州亨廷顿 是服务于天然气、石油、供水、汽车、化工和电力行业的承包商 常规雇佣员工超过1000人 [4] - Nitro Construction拥有60多年工业建设、制造和维护服务经验 以安全性和工艺品质著称 [5] - Rigney Digital Systems拥有25年行业经验 在区域范围内为各类设施提供HVAC控制系统优化服务 [6]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Energy Services of America Corporation (ESOA) FY Conference August 27, 2025 10:15 AM ET Speaker0 Okay. Good morning. Our next presenting company is Energy Services of America. Ticker on the Nasdaq is ESOA. Company's involved in some general contracting, construction, some HVAC electrical work, primarily in the Appalachian region.</doc> <doc id='2'>Here to speak on behalf and I should also mention, one, they are a client of ours, so if you have any questions after the presentation, or you'd like to set something up after the after today, happy to work on that with you. And secondly, the company was added to the Russell 2,000 here at the June, so really good accomplishment to be able to wave that flag. Here today to present on the company behalf is Charles Grimmel, the company's CFO. Charles? Speaker1 Thank you, John. John mentioned, my name is Charles Kremel. I'm the CFO for Energy Services of America. It's always great to enjoy coming to these conferences, getting to meet people, tell people about energy services. Hopefully, is it not too early for some audience participation, is it? So let can I get a show of hands? How many of all are familiar with energy services? Okay. How many of you guys are saying, hey, who are these guys and what do they do? Good.</doc> <doc id='3'>We get that a lot. People kind of look at our structure and they're kind of like, I don't, you know, Tom here is a good example. He's like, what do you guys do? What is your vision? What is your plan? So I've kind of tried to get into that a little bit and we can maybe address some of that in the Q and A. But what we are is we are a contractor based out of Huntington, West Virginia. We're primarily in the natural gas and petroleum transmission fields. We also have work in the water and natural gas distribution. And then we also have another sector that we identify then as more of our industrial type of work that can be involved in the water I'm sorry, the power, automotive, chemical, steel manufacturing work.</doc> <doc id='4'>And then from there, you know, within that we do electrical, mechanical, piping, HVAC, fire protection type of work. So we are kind of a conglomerate of companies. Amazingly, it does all kind of work together in what we do. We have companies that do work with some of the same customers. But then again, we also have opportunities that we can create within the companies to through our general contractor and to bring NITRO into more some of the commercial space, where they're working in schools and such doing electrical HVAC there too, just to give them a little more exposure and a little more variety on their work.</doc> <doc id='5'>So we'll get into the presentation here a little bit. As you can see, we do have a list there of about six to eight companies. There's probably even a few on there that fit under NYSRO that we don't have listed. We'll kind of go through and kind of tell you about how everything just kind of fits together. But last year we did about $352,000,000 in revenue and $29,000,000 in adjusted EBITDA.</doc> <doc id='6'>As you can see there, we are September 30 filer. So we right now are working in our fourth fiscal year quarter. And then also this is kind of our, our busiest peak of the construction season the time between July and August, I'm sorry July, September, even going into October and into November some. Roughly we have about 1,400 employees and again, we work in the natural gas, petroleum, chemical, automotive, water, wastewater sectors. Some of our investment highlights here.</doc> <doc id='7'>Of course, you know, one of the biggest things for us is our relationships with our customers. That's a big driver for us in helping us get work, keeping our customers happy. Our backlog has steadily been increasing. We had about a $3.00 $4,000,000 backlog that we reported as of June. Of that, roughly about 100 and 25, I believe, is in water.</doc> <doc id='8'>About 100,000,000 of it is in our industrial services group. So we are, you know, obviously been very successful picking up work and we're very optimistic about the opportunities we're seeing for the future. We also have been very active in expanding some of our geographical reach within Nitro. They have a company that works up in Battle Creek, Michigan, kind of right there in the heart of the automotive side, the food</doc> <doc id='9'>producer side. So we think that we've kind of got that going in the right direction and we think that's going to start to contribute well to Nitro's performance here in the future. Also, we've been active on the mergers and acquisitions side. We've added, I think we've completed about four acquisitions to add to our West Virginia Pipeline, the Tri State Paving Company. We started off our own general contractor. And then in roughly. Got about 700,000 shares left on that.</doc> <doc id='10'>We do pay a dividend. We pay a quarterly dividend of 3¢ per share. You can see our geographical reach here anywhere between New York down Alabama. We are in the Carolinas, Tennessee, as far West as maybe Indiana, Illinois. We do have some operations up in Michigan.</doc> <doc id='11'>This right here is probably not as far as potentially we could go. But a lot of it's going to depend on our customers with our general contractors. We're not looking necessarily to just to add more states, but as someone like a Walbridge or somebody says, hey, Nitro, we want you to go with us, come down to Tennessee, let's go to North Carolina, let's go whatever state we got a project we want you to work on with us. That's typically where we're going to expand our geographical reach is through our working with our general contractors and then working with our customers that want us to go a Toyota per se may want us to go to Georgetown, Kentucky, want us to go down to Huntsville, Alabama, go down to Liberty, North Carolina. So that's been very, our relationships with our customers and our general contractors are very important to us.</doc> <doc id='12'>Again, will mention that we've had some a lot of M and A opportunities and things that we've gotten closed in the past. You see here is a list of some of our customers. American Water is a big customer for us working both in Charleston, West Virginia and in Lexington, Kentucky. Toyota has been a long standing customer for Nitro. Nitro started there in, I believe, 1997, building a, helped build the plant in Buffalo, West Virginia and they have not left that facility since then.</doc> <doc id='13'>So roughly about twenty eight years, Nitro has been involved with Toyota. Mountaineer Gas is a big customer for us, Dow. So you see our exposure there is in the, we TC Energy, NISource in the transmission side of the gas distribution, Mountaineer Gas in the distribution side. Then the chemical companies, Dow, Clairon type of things. So we have a broad exposure to a lot of customers, have a lot of diversity of services that we provide within the company.</doc> <doc id='14'>CJ Hughes is one of the flagship companies. Just to give you a little bit of a background on Energy Services of America, it was started in 2006 as a SPAC company. CJ Hughes is one of the companies that came in at that time that was purchased. And Nitro was a subsidiary of CJ Hughes. So those two companies came in together.</doc> <doc id='15'>There was also a third company came in that was very much heavily weighted on the gas transmission side. And so the theory behind the SPAC was then to look at opportunities in the Marcellus and Utica Shale areas in West Virginia and Ohio. Didn't really pan out as expected, really not just for us, but a lot of other contractors did not do well at that time either. So, if you move forward to about 2011 or so, we had some suffered some significant losses on projects. We had gone in forbearance with our bank when when you were restructuring.</doc> <doc id='16'>Came out of it. Decided we're going to get back to basics and so we went from a company that was heavily focused being on the transmission side to a company that was looking to more diversify its services to try to still work in transmission but limit our risk to help also, you know, build and grow our our water distribution services to grow our gas distribution services and to grow our nitro industrial group. So as you see here, CJ has been a company that's been around for, you know, since 1946, believe over seventy years they've been around. And so it's almost to the point where with a lot of our customers, I mean, know ESA is the holding company, but their relationship is with CJ Hughes. It's with Nitro.</doc> <doc id='17'>It's with West Virginia Pipeline. And so that's why, you know, one of the reasons people kind of say, why do you have all these companies and such? I think a lot of it has to do with just the familiarity with our customers and knowing these companies that they've been dealing with for a long time. And also part of it is that we have a lot of different labor solutions. So CJ then is they're a union contractor.</doc> <doc id='18'>They are signatory to the steel workers. The steel workers are the ones who work on the gas distribution and on the water distribution side of it. CJ also has a subsidiary underneath of it called Contractors Rental that when they get into the transmission side is they hire through the building trades and they're signatory to the PLCA agreements. So CJ has two different options there with their labor force. They have a lower cost steel worker</doc> <doc id='19'>side and they have a building tray side where you need more skill type of work on some of the transmission work.</doc> <doc id='20'>And what also that allows you to do then is being on that side is you can go a little bit further away from home. It's easier to beef up your workforce when you're going through the coming through the union halls. And so that's kind of the way the CJ is structured and how they suit their customers' needs. So Nitro Construction, as I said, that was one that came into the ESA underneath the CJ Hughes back in 02/2008. Nitro again is a company that has been around since 1959.</doc> <doc id='21'>I've been around Nitro well before I started with ESA. I've been around Nitro for almost thirty years now. And they they have gone growing tremendously back when I kind of started there. They were they were strictly a electrical contractor, subcontractor that worked for their parent company, Uniboiler. Did anywhere, I don't know, maybe $15,000,000 in revenue a year.</doc> <doc id='22'>Over the years, CJ, I'm sorry, Nitro has branched out, become much more than just an electrical primarily a maintenance contractor doing in the neighborhood of $50,000,000 $55,000,000 of maintenance working here to being a company now that's pushing $100,000,000 I'm sorry. Can I get you closer to that? They're pushing more $100,000,000 in revenue and added a layer of construction services on top of it. Obviously, it makes them more the potential for more profit margin than adding the new construction on top of the general maintenance stuff. SQP Construction Group is the general contractor that we started up back in, I can't remember, maybe it's 02/2001.</doc> <doc id='23'>What we saw there was a need in the marketplace because the right to work laws were changing in West Virginia and Kentucky. So it made it more advantageous then for the non union contractors and general contractors in the area. And it kind of stifled some of the ability for Nitro to get into commercial work. They're much bigger than the local GCs in the area, made it harder for Nitro to get their foot in the door for some of them, obviously not wanting to deal with a bigger gorilla, someone they really couldn't push around. And so we saw a need for us to start up, spin up our own general contractor there.</doc> <doc id='24'>So SQP does a lot of work in school work, correctional facility work, do civil work, you know, getting into some small bridge work, but also what it allows us to do then is to feed commercial opportunities to Nitro. So whether that be on the electrical side, the piping side, HVAC, the fire protection then that Nitro could possibly do somewhere about 8,000,000 to $10,000,000 worth of work a year through contractor I'm sorry, through SQP construction. Also helps filter some work down to CJ Hughes then. CJ Hughes can help SQP on doing civil work, on doing foundations, concrete work also. This is one we get asked about a lot in the sense of this was an acquisition we did back in the 2022.</doc> <doc id='25'>And people always want to know why do you have a paving company? And it doesn't seem to fit, but it makes perfect sense. What Tri State Paving does is they work about 90% of their work is with American Water in Charleston, West Virginia and Lexington, Kentucky. What they do then is come back behind the water crews that are putting in the new water lines and they do the paving restoration and the curbs back behind those crews. And as the water company says, what they get the most complaints on is the finished product.</doc> <doc id='26'>It's the paving. That's what people see. They see the finished product. They don't see what's been put under the ground. So what they decided to do is the water company wanted to have a dedicated contractor that just did the paving services behind all the contractors.</doc> <doc id='27'>And so what we found then was that paving work was pretty valuable to CJ Hughes and now they were losing out on it. And so we had the opportunity through some of our connections, reached out to Tri State Paving and their owner was looking to get out of the business. Just made perfect sense then for us to acquire them and to bring them into our fold and add to our water services that we provide. West Virginia Pipeline, I think this is a great story right here. This is a company located in Southern West Virginia.</doc> <doc id='28'>Was two brothers ran it and before them, their dad had owned it. They were looking to get out of the business. They both had a child in the business too, but they really didn't want to saddle them with having to deal with everything it takes to run a business, Having to worry about having money for payroll and equipment and all that. So the water company came to us and said, hey, we really like these guys. They fit in perfectly with you all.</doc> <doc id='29'>We want energy services to buy them. So we looked at them and saw, yeah, this makes perfect sense. So we bought them and this was our first acquisition. We bought them in December 2020. The two I'll say the two main owners at the time spent a year there.</doc> <doc id='30'>And then we kind of turned it over to the two children. So Michael and his cousin Amy run West Virginia Pipeline for us. They are tremendous in what they do. Went from the two brothers had a theory that nothing good happens when you get over 50 employees. And so they ran it at a level not to exceed 50 employees for years.</doc> <doc id='31'>And Michael and Amy have come in and they have grown that business to roughly about $6,000,000 a year up to about $12,000,000 a year. They've maintained their margins. It's just a tremendous case study for us and the kind of a perfect opportunity of an acquisition. Bryan Construction Services is one of our companies. We bought this company out of bankruptcy about three years ago.</doc> <doc id='32'>It's been a struggle for us. And so what we've decided to do on that is we are going to the work they do in the gas distribution, cathodic protection works right with what CJ Hughes does. So we're going to take those crews and blend them over to CJ Hughes. We're going to right size this company and get them down to about a 25 man boring company, about four to five crews just doing a little bit of fiber broadband work, but primarily we're going to focus on the boring work, going underneath roads and such with water pipes, with gas distribution stuff. So far, we've been successful marketing to outside customers on that.</doc> <doc id

公司活动安排 - 公司管理层将于2025年8月27日芝加哥时间上午9:15在中西部IDEAS投资者会议上进行演讲 [1] - 会议演讲将通过网络直播方式进行 可通过会议主办方主网站访问 [1] 会议背景 - IDEAS投资者会议为优质公司提供向投资专业人士展示投资价值的独立区域平台 [2] - 会议采用"由投资者赞助 为投资者服务"模式 区别于传统银行赞助活动 [2] - 会议由Three Part Advisors LLC公司每年举办 [3] 公司业务概况 - 公司总部位于西弗吉尼亚州亨廷顿 主要在美国中大西洋和中部地区开展业务 [4] - 服务领域涵盖天然气、石油、供水、汽车、化工和电力行业 [4] - 常规雇佣员工数量超过1000名 [4] - 公司核心价值理念为安全、质量和生产效率 [4]

收入和利润（同比环比） - 总收入在截至2025年6月30日的三个月内达到1.036亿美元，较2024年同期的8592万美元增长20.6%[118] - 截至2025年6月30日的九个月总收入为2.809亿美元，较2024年同期的2.472亿美元增长13.6%[119] - 公司三个月毛利润为1198万美元，较2024年同期的1531万美元下降21.7%[117] - 总毛利润在三个月内下降333万美元至1198万美元（同比下降21.7%），九个月内下降1006万美元至2232万美元（同比下降31.1%）[130] - 2025年前九个月税前亏损为550万美元，去年同期为盈利2520万美元[141] - 2025年前九个月净亏损为440万美元，去年同期为盈利1840万美元[143] - 九个月运营亏损为328万美元，而2024年同期为1105万美元运营收入[117] - 九个月净亏损为386万美元，而2024年同期为1845万美元净收入[117] - 三个月每股基本收益为0.13美元，较2024年同期的1.06美元下降87.7%[117] 各业务线收入表现 - 天然气和水务分销业务收入在三个月内增长71.1%，增加1603万美元至3857万美元[118] - 天然气和石油传输业务收入在九个月内下降33.0%，减少1829万美元至3718万美元[119] - 电气、机械和通用建筑服务收入在九个月内增长6.5%，增加893万美元至1.468亿美元[119] - 燃气与水务分销收入在截至2025年6月30日的三个月内达到3860万美元，同比增长1600万美元（71.1%），九个月内达到9700万美元，同比增长4310万美元（80.0%）[120] - 电气、机械与通用建筑服务收入在三个月内为4970万美元，同比增长350万美元（7.6%），九个月内为1.468亿美元，同比增长890万美元（6.5%）[121] - 燃气与石油传输收入在三个月内为1530万美元，同比下降180万美元（-10.5%），九个月内为3720万美元，同比下降1830万美元（-33.0%）[122] 成本和费用（同比环比） - 总营收成本在三个月内增长2100万美元至9162万美元（同比增长29.7%），九个月内增长4377万美元至2.586亿美元（同比增长20.4%）[124] - 燃气与水务分销业务成本在三个月内增长1575万美元至3189万美元（同比增长97.5%），九个月内增长4493万美元至8604万美元（同比增长109.3%）[124][125] - 电气、机械与通用建筑业务成本在三个月内增长421万美元至4443万美元（同比增长10.5%），九个月内增长926万美元至1.329亿美元（同比增长7.5%）[124][126] - 销售及行政费用在三个月内增长200万美元至880万美元（同比增长29.4%），九个月内增长430万美元至2560万美元（同比增长20.2%）[136] - 收购Tribute公司贡献三个月费用增长60万美元，九个月增长120万美元[136] - 2025年第三季度利息费用为78.1万美元，同比增长23.4万美元（42.8%）[138] 业务毛利润表现 - 燃气与石油传输业务毛利润在三个月内下降346万美元至112万美元（毛利率从26.78%降至7.33%），九个月内下降736万美元至85万美元（毛利率从14.8%降至2.3%）[130][134] 资产和负债 - 公司2025年6月30日总资产为1.891亿美元，较上年同期1.582亿美元增长3090万美元（19.5%）[144] - 净财产、厂房和设备为5410万美元，较上年同期3810万美元增长1600万美元（42.0%）[145] - 应收账款净额为5770万美元，较上年同期5610万美元增长160万美元（2.9%）[146] - 现金及现金等价物为1530万美元，较上年同期1290万美元增长240万美元（18.6%）[147] - 总负债为1.346亿美元，较上年同期9960万美元增长3500万美元（35.1%）[152] - 长期债务总额为4870万美元，较上年同期2360万美元增长2520万美元（106.8%）[153] - 股东权益为5450万美元，较上年同期5870万美元下降420万美元（7.2%）[160] 债务和融资安排 - 公司长期债务包括一笔120万美元贷款，利率4.82%，截至2025年6月30日已偿还本金47.6万美元[169] - 西弗吉尼亚管道收购产生300万美元卖方票据，公允价值285万美元，利率3.25%（实际利率5.35%），已偿还250万美元[170] - 350万美元非循环票据用于管道收购首付，利率4.25%，已偿还290万美元[171] - 750万美元非循环票据用于收购Tri-State Paving，利率4.25%，已偿还420万美元[172] - 100万美元关联方本票利率3.5%，已偿还75万美元[173][195] - 310万美元设备融资票据利率6.0%，已偿还150万美元[174] - 930万美元设备信贷额度利率7.25%，已使用930万美元并偿还290万美元[175] - 3000万美元循环信贷额度利率7.5%，当前余额1160万美元[176] - 500万美元设备信贷额度初始利率8.5%，已使用370万美元[177] - 1600万美元收购融资票据利率6.9%，已偿还130万美元[178] - United Bank提供500万美元贷款资助项目开发，SQP和Ventures共同提供500万美元无条件担保[198] 折旧、摊销和无形资产 - 公司三个月折旧费用2025年6月30日为310万美元，2024年同期为210万美元；九个月折旧费用2025年6月30日为870万美元，2024年同期为630万美元[219] - 公司三个月摊销费用2025年6月30日为164,199美元，2024年同期为108,142美元；九个月摊销费用2025年6月30日为459,259美元，2024年同期为324,426美元[220] - 西弗吉尼亚管道客户关系无形资产原始成本2,209,724美元，累计摊销994,365美元[215] - Tri-State Paving客户关系无形资产原始成本1,649,159美元，累计摊销522,234美元[215] - Tribute Contracting客户关系无形资产原始成本500,000美元，累计摊销58,332美元[215] - 公司总无形资产原始成本5,669,943美元，累计摊销2,063,626美元[215] - 折旧和摊销费用通常计入合并利润表中的"营业收入成本"[219][220] 税务相关 - 公司有效所得税率三个月2025年6月30日为6.2%，2024年同期为25.6%；九个月2025年6月30日为-29.5%，2024年同期为26.7%[224] - 公司联邦净经营损失结转额2025年6月30日为1350万美元，2024年9月30日为0美元；州净经营损失结转额2025年6月30日为8450万美元，2024年9月30日为2050万美元[227] - 公司采用21.0%联邦税率和5.0%-6.0%州混合税率计算所得税[223] 其他收入和特殊项目 - 公司获得1563万美元诉讼判决收益，计入2024年九个月其他收入[117] 租赁费用 - 设备租赁费用2025年三个月期间480万美元，九个月期间1380万美元[185] - CJ Hughes在截至2025年6月30日的三个月设备租赁费用为74,000美元，同比下降48.6%[199] - CJ Hughes在截至2025年6月30日的九个月设备租赁费用为250,000美元，同比下降30.0%[199] 合同和应收账款 - 合同资产中成本及预计收益超过账单金额26,685,573美元，账单超过成本及预计收益金额27,660,163美元[209] - 截至2025年6月30日，坏账准备期末余额700,875美元，较期初减少37,651美元[211] 客户集中度 - TransCanada占2024年九个月营收14.3%，American Water占2025年三个月营收12.1%[191] 订单积压 - 公司未审计订单积压2025年6月30日电气机械和一般建筑项目为1.33亿美元，水务项目为1.25亿美元[233] - 公司未审计订单积压2025年6月30日传输项目为3000万美元[234] - 公司未审计总订单积压2025年6月30日为3.044亿美元，2024年6月30日为2.509亿美元，2024年9月30日为2.432亿美元[235] 未履行义务和争议 - 未履行绩效保证金余额8690万美元[188] - 养老金 withdrawal liability 争议已支付16.4万美元，后续付款暂停[192] 投资和权益 - SQP对1030 Quarrier Development, LLC进行股权投资156,000美元，占股25%[198] 股息支付 - 公司于2025年7月15日支付季度股息502,000美元[231]

收入表现 - 第三季度收入为1.036亿美元，同比增长21%[6][7] - 天然气和水务分销业务线推动收入增长[5][7] 利润表现 - 第三季度毛利润为1200万美元，同比下降21.6%，毛利率为11.6%[6][8] - 第三季度净利润为210万美元，摊薄后每股收益为0.12美元[6][10] - 九个月累计净亏损为386万美元，摊薄后每股亏损0.23美元[10] - 第三季度调整后EBITDA为646万美元，同比下降40%[10] 成本费用表现 - 销售和行政费用为880万美元，同比增长29.4%[9][10] - 公司因成为加速申报者增加审计及咨询费用[9] 运营效率表现 - 运营效率下降导致固定成本覆盖率降低[8] 订单表现 - 截至2025年6月30日，未完成订单金额为3.044亿美元，环比增长8.4%[6][10]

公司业绩 - 第三季度总收入达1.036亿美元，同比增长21%，主要受天然气与水务分销及电气、机械和综合业务线推动[4][9] - 毛利润1200万美元，低于去年同期的1530万美元，毛利率从17.8%降至11.6%，主因运营效率下降导致固定成本覆盖率降低[5][9] - 净利润210万美元（稀释每股0.12美元），去年同期为1750万美元（含1140万美元法律判决收益）[7][9] 业务表现 - 天然气与水务分销业务收入显著增长，抵消了天然气与石油传输业务下滑[4] - 未完成订单量达3.044亿美元，环比增加2400万美元，同比增21%，主要来自水务和污水处理项目机会[3][7][9] - 通过收购Tribute及新增人员推动业务扩张，销售及行政费用增至880万美元[6] 行业前景 - 电气、机械和综合建筑项目需求强劲，私营公用事业公司持续推动水务管道更换项目[3] - 公司选择性承接利润率更高的项目，同时有效管理人力资源和项目执行[3] - 调整后EBITDA为646万美元，去年同期为1076万美元（剔除法律判决影响）[10] 公司概况 - 总部位于西弗吉尼亚州亨廷顿，主营天然气、石油、水务分销及化工行业服务，员工超1000人[12] - 核心价值为安全、质量和生产效率[12]

公司业绩表现 - Energy Services of America在2025财年第二季度因服务区域遭遇不利天气条件导致重大净损失 [1] - 尽管面临短期外部阻力 公司所服务的市场仍保持强劲且存在大量投资支出 [1] 分析师背景 - 分析师Michael Del Monte拥有超过5年买方股票分析经验 专注行业包括石油天然气、油田服务、中游、工业、信息技术、EPC服务和可选消费 [1] - 投资建议基于整体投资生态系统分析而非孤立看待公司 [1] 持仓披露 - 分析师通过股票、期权或其他衍生品持有GEV的多头头寸 [2] - 分析内容为独立观点且未获得除Seeking Alpha外任何形式的报酬 [2] - 分析师与提及股票的公司无业务关联 [2]

公司动态 - Energy Services of America被纳入罗素2000和罗素3000指数 生效时间为2025年6月30日交易开始时 [1] - 公司首席执行官Doug Reynolds表示 纳入罗素指数是重要里程碑 反映了员工的持续努力和奉献 [2] - 罗素2000指数被广泛用作小盘股投资者的筛选工具 公司期待在未来几个月向该投资者群体展示其投资理念 [2] 指数背景 - 罗素2000指数衡量美国小盘股表现 是更广泛的罗素3000指数的子集 [2] - 罗素指数被投资管理公司和机构投资者广泛用于指数基金和主动投资策略的基准 [2] - 截至2024年6月底 约有10.6万亿美元资产以罗素美国指数为基准 该指数属于全球指数提供商FTSE Russell [2] 公司概况 - Energy Services of America总部位于西弗吉尼亚州亨廷顿 是一家承包商和服务公司 [3] - 公司主要在美国中大西洋和中部地区运营 为天然气、石油、水分配、汽车、化工和电力行业的客户提供服务 [3] - 公司常规员工人数超过1000人 核心价值观为安全、质量和生产 [3]

纪要涉及的公司 Energy Services of America Corporation（ESOA），一家位于西弗吉尼亚州亨廷顿的公司，业务涉及建筑、总承包、水和天然气分配传输、工业服务等多个领域 [1][14] 纪要提到的核心观点和论据 1. **公司名称与业务不符**：公司名称为能源服务，但实际业务多为公用事业和工业服务，股东建议更名为美国公用事业服务或基础设施服务公司 [4] 2. **业务具有发展潜力** - **水业务**：需求大，此前多年维护被忽视导致有大量延迟工作，美国水务和阿夸等公司对公共系统的私有化对中型到大型承包商有益 [9] - **天然气业务**：疫情后一直低迷，现在客户开始有建设新产能的咨询需求 [10] - **工业和化工业务**：由于制造业回流，公司团队今年已全部排满工作，还在为明年寻找工作机会 [10] 3. **公司对股东友好**：内部人士持有大量股份，公司最大股东是总裁；支付股息，当股价下跌时会回购股票 [11] 4. **财务状况** - **营收**：2024财年营收3.52亿美元，调整后息税折旧摊销前利润（EBITDA）略低于2900万美元 [15] - **积压订单**：2021财年积压订单约7200万美元，截至2025年3月31日增长至约2.8亿美元 [17] - **EBITDA**：去年创纪录的调整后EBITDA为2850万美元，利润率约8.2%，过去12个月降至约2100万美元，第二季度因恶劣天气业绩不佳 [47] - **债务**：3月债务约5000万美元，其中600万美元与运营信贷额度有关，2000万美元与收购融资有关，1500万美元为设备融资，1000万美元为PPP贷款（已被赦免但出于谨慎重新计入账面） [61] 5. **战略目标**：继续发展新并入的子公司，如西弗吉尼亚管道公司、SQP建筑公司、Tribute承包公司等；重点发展水分配服务，通过有机增长或并购实现增长 [21][42] 6. **不同业务合同类型** - **天然气和水分配合同**：多为多年期、基于单位定价的合同，每三年提交一次价格清单进行协商 [55] - **天然气和石油合同**：多为硬投标合同 [57] - **电气和机械合同**：维护合同多为协商定价，新建工厂合同多为硬投标价格，但也有很多基于单位的定价 [57] 其他重要但是可能被忽略的内容 1. **公司子公司情况** - **CJ Hughes**：成立于1946年，去年营收约1.57亿美元，主要从事天然气和水分配以及石油和天然气传输工作 [25] - **Nitro Construction**：成立于1959年，主要在工业领域工作，提供机械、电气、HVAC、消防保护等服务 [29] - **Tri State Paving**：为美国水务在多个城市提供公用事业恢复工作，收购该公司可与其他业务协同 [31] - **West Virginia Pipeline**：收购后业务规模在四年内从每年约600万美元增长到约1200万美元以上 [33] - **Ryan Construction**：从破产中收购，开展宽带电信、定向钻井、腐蚀预防等业务 [34] - **Tribute Contracting**：最新收购的公司，预计年业务规模达8500万美元，主要从事公共废水下水道项目，与CJ Hughes业务侧重不同 [36] 2. **新技术应用**：公司客户开始使用一种在管道内部进行修复的新技术，公司正在为路易斯维尔水务公司进行一个大型项目 [52] 3. **安全和环境工作**：公司重视安全，认为安全是首要目标，因为不安全的工作可能导致失去客户和业务；开展了一些环境相关工作，如完整性维护、腐蚀修复、电动汽车电池厂项目等 [37][39] 4. **PPP贷款情况**：2020年申请的PPP贷款于2021年被赦免，但两年后收到相关审查通知，目前未收到美国小企业管理局（SBA）的回复，出于谨慎将其重新计入账面 [62]

文章核心观点 能源服务美国公司宣布其总裁和首席财务官将于2025年6月11日在纽约举行的东海岸IDEAS投资者会议上发表演讲，演讲将于美国东部时间上午8:35开始，可通过会议主办方网站观看网络直播 [1] 公司信息 - 公司名为能源服务美国公司，纳斯达克股票代码为ESOA，总部位于西弗吉尼亚州亨廷顿 [1][3] - 是一家承包商和服务公司，主要在美国中大西洋和中部地区运营，为天然气、石油、水分配、汽车、化工和电力行业的客户提供服务 [3] - 公司定期雇佣1000多名员工，核心价值观是安全、质量和生产 [3] 会议信息 - 公司总裁道格·雷诺兹和首席财务官查尔斯·克里梅尔将参加2025年6月11日在纽约举行的东海岸IDEAS投资者会议 [1] - 公司演讲定于美国东部时间上午8:35开始，可通过会议主办方网站https://www.threepartadvisors.com/east - coast观看网络直播 [1] 联系方式 - 若对IDEAS会议感兴趣，可联系莱西·韦斯利，电话(817) 769 - 2373，邮箱[email protected] [2]