Business
Limbach Holdings Reports Fourth Quarter and Fiscal Year 2022 Results
Continued Growth in Owner Direct Relationships (“ODR”) Segment Revenue; Up 63.7% compared to the 4th Quarter of 2021 Consolidated Gross Margin for the
About this update from Limbach Holdings, Inc.
[{"type":"text","content":"\nContinued Growth in Owner Direct Relationships (“ODR”) Segment Revenue; Up 63.7% compared to the 4th Quarter of 2021\n\nConsolidated Gross Margin for the Quarter was 20.4% and for the Year 18.9%\n\nODR Segment Accounted for Approximately 58.8% of Consolidated Gross Profit for FY 2022\n\nConference Call Scheduled for 9:00 am ET on March 9, 2023\n\n WARRENDALE, Pa.--(BUSINESS WIRE)--\nLimbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the year ended December 31, 2022. The Company reported consolidated revenue of $496.8 million, with the ODR segment revenue accounting for 43.6% of the consolidated total, up from 28.6% in the comparable period. Net income for the full year was $6.8 million, with diluted EPS of $0.64. Adjusted EBITDA was $31.8 million, up 36.5% from $23.3 million in fiscal year 2021.\n\nCharlie Bacon, Limbach’s President and Chief Executive Officer, said, “We delivered a strong 4th quarter which resulted in Adjusted EBITDA for FY 2022 that exceeded the higher end of our guidance for the year, despite a modestly lower top line. In addition, we resolved one of our outstanding claims during the quarter and expect to receive cash of approximately $10 million during the first half of 2023 as a result of this claim resolution.”\n\nMr. Bacon continued, “Several years ago, we embarked on a strategic shift in our business, centered on further developing and expanding relationships with building owners, coupled with a focus on higher quality GCR revenues. The ultimate goal of that shift was to improve our return on capital, overall profitability, and cash flow. We believe our results illustrate that we are executing on that plan and gaining continued momentum towards this goal. I'm extremely pleased to be stepping away from Limbach with the Company in its current position and with our focus on quality of earnings driven through our revised strategy. My enthusiasm for the leadership team is well known, and I could not be happier to have Mike McCann assume the job of CEO.”\n\nMike McCann, Limbach’s Chief Operating Officer and incoming Chief Executive Officer added, “With Charlie’s leadership and support, we've spent the past three years redefining Limbach. I'm excited to be tasked with leading our company as we solidify and expand our customer-focused platform. Our Q4 an...