Business
Limbach Holdings, Inc. Reports Third Quarter 2021 Results
Consolidated Revenue of $129.2 million Revenue from Owner Direct Relationships Segment (ODR) up 17.6% for the year-over-year quarter ODR Segment Accounted
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nConsolidated Revenue of $129.2 million\n\nRevenue from Owner Direct Relationships Segment (ODR) up 17.6% for the year-over-year quarter\n\nODR Segment Accounted for Approximately 48% of Consolidated Gross Profit\n\nGross Margins Improved to 18.9%; Diluted EPS of $0.38\n\nConference Call Scheduled for 9:00 am ET on November 11, 2021\n\n PITTSBURGH--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) today announced its financial results for the quarter ended September 30, 2021. Consolidated revenue improved to $129.2 million, or 6.7%, compared with the second quarter of 2021 as business conditions strengthened relative to the second quarter of 2021. ODR(1) segment revenue accounted for 30.4% of consolidated revenue in the third quarter of 2021 compared to 20.4% in the third quarter of 2020. Consolidated gross margin of 18.9% increased 350 basis points sequentially over the second quarter of 2021, and 410 basis points year-over-year for the third quarter 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 third quarter of 2021, the ODR segment accounted for approximately 48% of consolidated gross profit.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “We had a strong quarter and I want to thank everyone from our office personnel to our field talent for all of their hard work. Although the year started off slowly, we have consistently maintained our view that business would meaningfully accelerate in the second half of the year and our third quarter results bear that out. Our ODR segment continues to shine, with our maintenance base hitting its highest level in company history and continuing growth in smaller dollar projects.”\n\nMr. Bacon continued, “Sales booking activity continued to be strong during the third quarter, with activity accelerating in September, particularly in our higher margin ODR segment. At this time, we have contracts in hand that would satisfy our revenue guidance for the full year 2021 and are focused on the execution of that work and securing work for 2022 and beyond. We continue to be selective in our bidding, maintaining the same gating criteria that drove our third quarter results.”\n\nMr. Bacon concluded, “We are affirming our Adjusted EBITDA guidance for the year to be in a range from $23 ...