Business
Limbach Holdings, Inc. Reports Second Quarter 2022 Results
Revenue from Owner Direct Relationships Segment (“ODR”) up 48.7% year-over-year ODR Segment Accounted for Approximately 42.9% of Revenue and 59.2% of
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nRevenue from Owner Direct Relationships Segment (“ODR”) up 48.7% year-over-year\n\nODR Segment Accounted for Approximately 42.9% of Revenue and 59.2% of Consolidated Gross Profit\n\nNet Income of $0.9 million, an 18.3% increase year-over-year\n\nConference Call Scheduled for 9:00 am ET on August 10, 2022\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) today announced its financial results for the quarter ended June 30, 2022. The company reported consolidated revenue of $116.1 million, which was a decrease of 4.0% compared to the second quarter of 2021. ODR segment revenue accounted for 42.9% of consolidated revenue in the second quarter of 2022, an increase of 48.7% over the second quarter of 2021, while contributing approximately 59.2% of consolidated gross profit. Consolidated gross margin improved to 18.4% from 15.4% for the second quarter of 2021 and drove a $2.6 million increase in gross profit year-over-year.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “Our second quarter results reflect the rapid growth of our ODR segment, which combined with continued improved execution in the GCR segment resulted in on-going improvement in consolidated gross profit margins. We also realized increased billing activity, which drove a sharp increase in operating cash flow. We are well ahead of schedule in our efforts to achieve a 50/50-GCR/ODR segment revenue mix by 2025. Year to date, ODR revenue accounted for 40.1% of our consolidated total, with the figure hitting 42.9% in the second quarter. The accelerated ODR growth this year has been a function of strong demand for both project and T&M work along with the contribution of Jake Marshall’s ODR business. I should also note that we believe 2022 is playing out as expected, with the back half of the year being our larger revenue and profit generator, similar to last year. We also settled one of our smaller claim matters, which positively impacted earnings for the quarter.”\n\nMr. Bacon continued, “Our December 2021 acquisition of Jake Marshall continues to meet our expectations. The industrial market, in which Jake Marshall is a regional leader, seems to be accelerating given a variety of factors, including onshoring and better domestic access to raw materials such as comparatively cheaper and abundant natural gas and electricity....