Business
Limbach Holdings Reports Fourth Quarter and Fiscal Year 2021 Results
Continued Growth in Owner Direct Relationships (ODR) Segment Revenue; Up 10.3% year-over-year ODR Segment Accounted for Approximately 47.1% of Consolidated
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nContinued Growth in Owner Direct Relationships (ODR) Segment Revenue; Up 10.3% year-over-year\n\nODR Segment Accounted for Approximately 47.1% of Consolidated Gross Profit for FY 2021\n\nFY 2021 Gross Margins Improved to 17.5%; Diluted EPS of $0.66\n\nConference Call Scheduled for 9:00 am ET on March 17, 2022\n\n PITTSBURGH--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the year ended December 31, 2021. Net income was $6.7 million for fiscal year 2021 as compared to $5.8 million for fiscal year 2020. Consolidated revenue was $490.4 million, a 13.7% decrease compared to fiscal year 2020. ODR(1) segment revenue was up 10.3% year-over-year and accounted for 28.6% of consolidated revenue in 2021 compared to 22.4% in fiscal year 2020. Consolidated gross margin of 17.5% increased 320 basis points year-over-year as a result of a shift in mix to the ODR segment and increased GCR(1) margins despite lower total revenue. In 2021, the ODR segment accounted for approximately 47.1% of consolidated gross profit.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “Limbach posted improvement for the year, with our numbers excelling in the back-half of 2021 driven by continued growth of our ODR business, combined with significantly-improved GCR margins. ODR revenue drives higher margins, and our stated goal has been to continuously drive a greater mix of our total revenue towards this segment. Our GCR business remains an integral part of our operations and as our recent results demonstrate, our emphasis on risk management and project selection is yielding solid gross profits. For the year, GCR gross profit improved by approximately $0.3 million despite an approximate 21% decline in segment revenues. Our improved results occurred despite the labor disruptions and supply chain impacts due to COVID-19.”\n\nMr. Bacon continued, “The integration process at Jake Marshall, which we acquired in December 2021, is proceeding as expected. We continue to diligently pursue additional opportunities like Jake Marshall in our other target geographies.”\n\nMr. Bacon concluded, “Entering 2022, proposal activity is above levels at this time a year ago, allowing us to secure a range of project wins in both of our segments while also being selective on pricing. Ou...