Business
Limbach Holdings, Inc. Reports Third Quarter 2022 Results
Revenue from Owner Direct Relationships (“ODR”) Segment up 52.2% Year-over-Year ODR Segment Accounted for Approximately 48.8% of Revenue and 61.2% of
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nRevenue from Owner Direct Relationships (“ODR”) Segment up 52.2% Year-over-Year\n\nODR Segment Accounted for Approximately 48.8% of Revenue and 61.2% of Consolidated Gross Profit\n\nConsolidated Gross Margin Increased to 20.3%\n\nCompany Tightens Revenue Guidance and Increases Adjusted EBITDA Guidance\n\nConference Call Scheduled for 9:00 am ET on November 10, 2022\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) today announced its financial results for the quarter ended September 30, 2022. The Company reported consolidated revenue of $122.4 million, compared with $129.2 million during the third quarter of 2021. ODR segment revenue accounted for 48.8% of consolidated revenue in the third quarter of 2022, up from 30.4% in the comparable period, and increased 52.2% over the third quarter of 2021, while contributing approximately 61.2% of consolidated gross profit. GCR segment revenue of $62.7 million was down $27.3 million, or 30.3% as the Company continues to focus on its risk management strategy and improved gross profit. Consolidated gross margin improved to 20.3% from 18.9% for the third quarter of 2021, and gross profit increased to $24.9 million from $24.5 million. Net income was $3.6 million as compared to $4.0 million in the third quarter of 2021. Adjusted EBITDA was $10.2 million, up 25.7% from $8.1 million in the third quarter of 2021.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “We had a solid third quarter as the evolution of our business to an ODR-centric strategy continued at an accelerated pace. The diversity of our business, along with the essential nature of the services we provide, has us well-positioned for the current environment. Building owners continue to prioritize service, maintenance and repairs of existing equipment in mission critical building systems in response to ongoing global supply chain issues. As the supply chain issues ease, and new equipment becomes readily available, we expect to see a demand in replacements of aged out equipment.”\n\nMr. Bacon continued, “Consolidated gross margin of 20.3% is a record for Limbach and demonstrates our ability to execute at industry-leading levels. Coupling this solid field execution with a sharp focus on billing and working capital management enabled us to deliver strong operating cash flow of $10.8 ...