Jeffrey L. Gendell, the Chief Executive Officer of IES Holdings, Inc. (NASDAQ:IESC), recently sold shares in the company totaling approximately $3.5 million. The sale comes amid an impressive year for IES Holdings, which has delivered a remarkable 214% return year-to-date. According to InvestingPro analysis, the company maintains a "GREAT" financial health score. The transactions, which took place on December 11 and 12, involved the sale of 13,635 shares of common stock at prices ranging from $257.24 to $262.39 per share.
Following these transactions, Gendell and associated entities now hold 10,957,654 shares. The sales were conducted by Tontine Capital Partners (WA:CPAP) L.P. and its affiliates, which are managed by Gendell. The shares were sold in multiple transactions at varying prices within the specified range.
In other recent news, a consortium led by Mason Capital Management LLC, including IES Holdings, Inc., has reached a definitive agreement to acquire CB&I storage solutions business from McDermott International, Ltd. The transaction is aimed at establishing CB&I as a debt-free, independent entity. The acquisition is anticipated to close in the fourth quarter of 2024, following which CB&I will benefit from a new revolving credit facility arranged by Citi.
In other developments, IES Holdings, Inc. reported a 31% surge in its third quarter revenue to $768 million, and a 163% increase in operating income to $90.2 million. The company's net income for the quarter was $62.1 million, marking a 175% rise from the previous year's quarter. IES Holdings 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.
The company announced the addition of John Louis Fouts, an investment expert, to its Board of Directors, while also reporting the resignation of Elizabeth D. Leykum from its Board. These are the recent developments at IES Holdings and CB&I.
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