IES Holdings delivered solid QQ2 2024 results, highlighted by double-digit top-line growth, expanding profitability metrics, and a robust balance sheet characterized by net cash and limited leverage. Revenue for the quarter ended March 31, 2024 stood at $705.7 million, up 24.1% year over year and 11.2% quarter over quarter, underpinned by strength across diversified end-markets including commercial/industrial electrical, communications infrastructure, and infrastructure solutions. Gross profit reached $163.8 million, yielding a gross margin of 23.21%, with operating income of $76.3 million and a net income of $52.9 million (EPS $2.62 fully reported; $2.58 diluted). The company generated $33.7 million of operating cash flow and $26.9 million of free cash flow, ending the period with cash and equivalents of $105.97 million and an essentially net cash position (net debt of negative $67.8 million). Management’s performance reflects disciplined cost control, improving scale effects, and a favorable mix toward higher-margin segments. While no formal forward guidance was issued in the release, the combination of a low-debt balance sheet, strong liquidity, and multi-market exposure supports a constructive near-term outlook, contingent on project execution timing and macro demand in data centers, renewables, and general infrastructure. Industry peers in the broader engineering and construction services space typically trade with higher multiple earnings and cash-flow metrics; IESC’s current P/E around 11.7x and P/B around 4.63x reflect a value-oriented stance given its cash generative profile and diversified operations.