Business
Limbach Holdings, Inc. Reports Second Quarter 2021 Results
Consolidated Revenue of $121.0 Million Driven by Continued Growth in Owner Direct Relationships Segment Gross Margins Improved to 15.4%; Diluted EPS of $0.07
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nConsolidated Revenue of $121.0 Million Driven by Continued Growth in Owner Direct Relationships Segment\n\nGross Margins Improved to 15.4%; Diluted EPS of $0.07\n\nConference Call Scheduled for 9:00 am ET on August 13, 2021\n\n PITTSBURGH--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) today announced its financial results for the quarter ended June 30, 2021. Consolidated revenue improved to $121.0 million, or 6.8%, compared with the first quarter of 2021 as business conditions strengthened relative to the first quarter of 2021. ODR(1) segment revenue accounted for 27.7% of consolidated revenue in the second quarter of 2021 compared to 21.6% in the second quarter of 2020. Consolidated gross margin of 15.4% increased 24 basis points sequentially, and 40 basis points year-over-year as a result of a shift in mix to the ODR segment, which provides for higher gross margins, as well as better overall execution. In the second quarter of 2021, the ODR segment accounted for more than 50% of consolidated gross profit.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “Our second quarter reflected steady improvement in activity levels from the first quarter as business and economic conditions improved. We’re pleased with the sequential and year-over-year growth in ODR revenue and the continued strength of ODR margins, both of which have been key objectives. In the GCR segment, substantially all of the work required to meet our current year total revenue guidance is in backlog and promised work from customer commitments not yet contracted. In our ODR segment, much of the work required to meet our current year total revenue guidance is included in backlog, promised work from customer commitments not yet contracted, our maintenance base, and expected related pull through work. We also continue to see an improving pipeline of opportunities as our customers accelerate their capital spending tied to the reopening and expanding economy.”\n\nMr. Bacon continued, “Our ODR revenue growth is expected to exceed historical rates. However, that growth, while substantial and expected to be in excess of 25% for the year, will fall slightly short of our original expectation. GCR revenue is tracking ahead of plan due to strong sales in the second quarter of 2021, but given the lower margins in that segment and our expectati...