IES Holdings sees higher cash tax rate for 2023 vs. 2022

"During the first quarter of fiscal 2023, we generated operating cash flow of $14.3 million, while deploying cash to strategically repurchase our common stock under our repurchase program and pay down debt," said Tracy McLauchlin, Chief Financial Officer. "We continue to focus on maintaining a strong balance sheet, which will position us to take advantage of opportunities to grow our business. During fiscal 2023, we expect to fully utilize our federal tax net operating loss carryforwards which have reduced our cash tax burden over the past several years. Therefore, in January 2023, we began making federal estimated tax payments in anticipation of having a federal income tax obligation for fiscal 2023. As a result, we will have a higher cash tax rate for fiscal 2023 compared with 2022."