Business
Limbach Holdings, Inc. Reports Fourth Quarter and 2023 Results
Owner Direct Relationships (“ODR”) Segment Revenue up 22.8% Year-over-Year for Q4 and 21.1% for the Year ODR Segment Accounted for 55.1% of Revenue and 71.1%
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nOwner Direct Relationships (“ODR”) Segment Revenue up 22.8% Year-over-Year for Q4 and 21.1% for the Year\n\n\nODR Segment Accounted for 55.1% of Revenue and 71.1% of Consolidated Gross Profit for the Quarter\n\n\nConsolidated Gross Margin Increased to 23.3% for the Quarter and 23.1% for the Year\n\n\nYear-end Cash and Cash Equivalents of $59.8 million\n\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the year ended December 31, 2023.\n\n\n2023 Fourth Quarter Financial Overview Compared to 2022 Fourth Quarter\n\n\n\nConsolidated revenue of $142.7 million, a decrease of 0.6% from $143.5 million as the Company continued to take a disciplined approach to select smaller, higher margin projects.\n\n\n\nGross profit of $33.3 million, an increase of 14.0% from $29.2 million.\n\n\n\nNet income of $5.2 million, or $0.44 per diluted share, compared to net income of $3.8 million, or $0.35 per diluted share.\n\n\n\nAdjusted EBITDA of $12.6 million, up 8.8% from $11.6 million.\n\n\n\nNet cash provided by operating activities of $13.9 million compared to $12.4 million.\n\n\n\n2023 Overview Compared to 2022\n\n\n\nConsolidated revenue of $516.4 million, an increase of 3.9% from $496.8 million.\n\n\n\nGross profit of $119.3 million, an increase of 27.3% from $93.7 million.\n\n\n\nNet income of $20.8 million, or $1.76 per diluted share, compared to $6.8 million, or $0.64 per diluted share.\n\n\n\nAdjusted EBITDA of $46.8 million, up 47.3% from $31.8 million.\n\n\n\nNet cash provided by operating activities of $57.4 million compared to $35.4 million.\n\n\n\nManagement Comments\n\n\n“In 2023, we made tremendous progress executing our strategy to become a pure-play provider of buildings systems solutions. We continued to grow our ODR business as an indispensable partner helping our customers provide mission critical services to maintain uninterrupted operations in their facilities. This strategic shift in customer mix is driving higher margin opportunities and creating a stronger, more resilient Limbach,” said Michael McCann, Limbach’s President and Chief Executive Officer.\n\n\n“I am pleased to report that our team’s focus on accelerating the shift to the ODR business drove expanded margins and delivered Adjusted EBITDA above our guidance for the f...