Business
Limbach Holdings, Inc. Announces First Quarter 2023 Results
Revenue from Owner Direct Relationships (“ODR”) Segment up 36.9% Year-over-Year ODR Segment Accounted for Approximately 48.5% of Revenue and 60.7% of
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nRevenue from Owner Direct Relationships (“ODR”) Segment up 36.9% Year-over-Year\n\n\nODR Segment Accounted for Approximately 48.5% of Revenue and 60.7% of Consolidated Gross Profit\n\n\nConsolidated Gross Margin Increased to 21.7%\n\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the quarter ended March 31, 2023.\n\n\n2023 First Quarter Financial Overview Compared to 2022 First Quarter\n\n\n\nConsolidated revenue was $121.0 million, an increase of 5.4% from $114.8 million.\n\n\n\nGross profit was $26.2 million, an increase of 43.0% from $18.3 million.\n\n\n\nNet income of $3.0 million, or $0.27 per diluted share, compared to a net loss of $1.5 million, or $(0.15) per diluted share.\n\n\n\nAdjusted EBITDA of $8.7 million, up 154.0% from $3.4 million.\n\n\n\nNet cash provided by operating activities of $9.4 million, compared to net cash used in operating activities of $3.0 million.\n\n\n\nManagement Comments\n\n\nMichael McCann, Limbach’s President and Chief Executive Officer, said, “We are off to a great start to the year as first quarter results reflected solid performance and execution in both of our operating segments. Our segment mix continued to benefit from the ODR contribution which, coupled with improved gross margin performance in each segment, resulted in a further increase in our consolidated gross margin. As our segment revenue contributions approach a 50/50 split, the higher growth in ODR, relative to the planned decline in General Contractor Relationships (“GCR”), also contributed to the year-over-year increase in total revenue.”\n\n\nMr. McCann continued, “Market conditions remain favorable as businesses in several of our primary end markets continue to invest in their building assets, such as data centers, hospitals, and manufacturing facilities. At the same time, our ability to flex between our customers’ capital and operating spending has us well positioned for any changes they make to their infrastructure investment plans. As we have noted previously, the tightness in industrial supply chains has also contributed to our ODR growth by driving demand for service and repair work necessary for customers to keep their systems operational until such time as new equipment replacement is available. When that time comes...