Business
Limbach Holdings, Inc. Announces Second Quarter 2024 Results
Raising 2024 Revenue and Adjusted EBITDA Guidance after Delivering Q2 Net Income of $6.0 million and Record Quarterly Adjusted EBITDA of $13.8 million
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nRaising 2024 Revenue and Adjusted EBITDA Guidance after Delivering Q2 Net Income of $6.0 million and Record Quarterly Adjusted EBITDA of $13.8 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 June 30, 2024.\n\n\n2024 Second Quarter Financial Overview Compared to 2023 Second Quarter\n\n\n\nOwner Direct Relationships (“ODR”) revenue increased 40.8%, or $24.0 million, to $82.8 million accounting for 67.7% of total revenue.\n\n\n\nTotal revenue was $122.2 million, a decrease of 2.1% from $124.9 million.\n\n\n\nTotal gross profit was $33.5 million, an increase of 17.5% from $28.5 million.\n\n\n\nODR gross profit accounted for $25.4 million, or 75.7%, of total gross profit.\n\n\n\nRecord quarterly total gross margin of 27.4%.\n\n\n\nNet income of $6.0 million, or $0.50 per diluted share, compared to net income of $5.3 million, or $0.46 per diluted share.\n\n\n\nAdjusted EBITDA of $13.8 million, up 16.0% from $11.9 million.\n\n\n\nNet cash provided by operating activities of $16.5 million compared to $16.9 million.\n\n\n\nManagement Comments\n\n\n“Our team made strong progress in executing our strategic plan to grow our higher margin ODR business in the second quarter”, said Michael McCann, Limbach’s President and Chief Executive Officer. “In the first quarter we set a goal to achieve an ODR contribution of 65% to 70% in 2024, up from 50% last year. This quarter, our ODR business accounted for 67.7% of total revenue, so we are well on our way to achieving this objective. These strong results, which includes acquisitions, demonstrate that our strategy is working, and our customer value proposition is compelling.\n\n\n“I am proud of our team as they propel the company in becoming an indispensable partner providing mission critical solutions to help customers maintain uninterrupted operations in their facilities. Our strategy is to establish long-lasting relationships by having our professionals onsite at key accounts to address immediate needs while also planning for longer-term capital projects.\n\n\n“Our transition to the ODR business is evolving at a faster pace than we anticipated. As a result, we are increasing our 2024 adjusted EBITDA guidance range to $55 million to $58 million from the current range of ...