Business
Limbach Holdings, Inc. Announces Second Quarter 2023 Results
Revenue from Owner Direct Relationships (“ODR”) Segment up 18.1% Year-over-Year ODR Segment Accounted for Approximately 47.1% of Revenue and 60.5% of
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nRevenue from Owner Direct Relationships (“ODR”) Segment up 18.1% Year-over-Year\n\n\nODR Segment Accounted for Approximately 47.1% of Revenue and 60.5% of Consolidated Gross Profit\n\n\nConsolidated Gross Margin Increased to 22.8%\n\n\nIncrease in FY 2023 Adjusted EBITDA Guidance\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 June 30, 2023.\n\n\n2023 Second Quarter Financial Overview Compared to 2022 Second Quarter\n\n\n\nConsolidated revenue was $124.9 million, an increase of 7.5% from $116.1 million.\n\n\n\nGross profit was $28.5 million, an increase of 33.7% from $21.3 million.\n\n\n\nNet income of $5.3 million, or $0.46 per diluted share, compared to a net income of $0.9 million, or $0.08 per diluted share.\n\n\n\nAdjusted EBITDA of $11.9 million, up 81.1% from $6.6 million.\n\n\n\nNet cash provided by operating activities of $16.9 million, compared to $15.6 million.\n\n\n\nManagement Comments\n\n\nMichael McCann, Limbach’s President and Chief Executive Officer, said, “We continued to execute on a number of fronts during the second quarter, with solid revenue growth in our ODR segment and improvement in gross margin in both segments. The net result was a sharp improvement in net income and Adjusted EBITDA from year-ago levels. We continue to experience strong demand for our services in the ODR segment across a number of our target end markets as tight supply chain conditions persist. With tight supply chain conditions for new equipment, we see increased demand for T&M work to keep aging equipment working and an increased interest in operating efficiencies on the part of building owners which is largely attributable to the increase in Adjusted EBITDA guidance.”\n\n\nMr. McCann continued, “We remain intensely focused on positioning Limbach as the preferred building solutions partner for enterprises with mission critical assets, driving demand for our services throughout the cycle. By providing value-added solutions that enable our customers to improve their operating efficiency and return on assets, we are able to create durable relationships that allow us to realize continued improvement in margins and profitability.”\n\n\nMr. McCann concluded, “Our value creation strategy centers on three primary levers ...