Business
Limbach Holdings, Inc. Announces First Quarter 2024 Results
Quarterly Revenue from Owner Direct Relationships (“ODR”) Segment up 26.5% Year-over-Year ODR Segment Accounted for 62.4% of Revenue and 71.3% of
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nQuarterly Revenue from Owner Direct Relationships (“ODR”) Segment up 26.5% Year-over-Year\n\n\nODR Segment Accounted for 62.4% of Revenue and 71.3% of Consolidated Gross Profit for the Quarter\n\n\nRecord Quarterly Consolidated Gross Margin of 26.1%\n\n\nQuarterly Net Income of $7.6 million, up 153.5% for the period and Adjusted EBITDA up 35.4% Year-over-Year\n\n\nIncrease in 2024 Adjusted EBITDA Guidance Range - $51 million to $55 million\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, 2024.\n\n\n2024 First Quarter Financial Overview Compared to 2023 First Quarter\n\n\n\nODR revenue increased 26.5%, or $15.5 million, to $74.3 million accounting for 62.4% of consolidated revenue.\n\n\n\nConsolidated revenue was $119.0 million, a decrease of 1.7% from $121.0 million.\n\n\n\nTotal gross profit was $31.1 million, an increase of 18.5% from $26.2 million.\n\n\n\nODR gross profit accounted for $22.2 million, or 71.3%, of total gross profit.\n\n\n\nNet income of $7.6 million, or $0.64 per diluted share, compared to net income of $3.0 million, or $0.27 per diluted share.\n\n\n\nAdjusted EBITDA of $11.8 million, up 35.4% from $8.7 million.\n\n\n\nNet cash used in operating activities of $3.9 million compared to net cash provided by operating activities of $9.4 million.\n\n\n\nManagement Comments\n\n\n“I am pleased with our performance in the first quarter. We advanced our strategy of becoming a partner to building owners with mission critical building systems by accelerating our shift to ODR through acquisitions and organic growth. As a result, we are increasing Adjusted EBITDA guidance for the year,” said Michael McCann, Limbach’s President and Chief Executive Officer. “At the end of Q1, ODR revenue was 62.4% of total revenue, up from 55.1% at the end of Q4. With this increase in our higher margin ODR business, we are now projecting $51 million to $55 million in Adjusted EBITDA for the year compared to our previous $49 million to $53 million guidance, and our annual goal for ODR revenue as a percentage of consolidated revenue has increased from a range of 60% - 70% to a revised range of 65% - 70%. With this mix shift, we expect to see full-year Adjusted EBITDA Margin in the range of 9.6% to 10.8% for 2024 b...