Business
Shimmick Corporation Announces Fourth Quarter and Fiscal Year 2023 Results
Shimmick realized significant progress with 24% growth in Shimmick Projects, with gross margin of 7% IRVINE, Calif., March 28, 2024 (GLOBE NEWSWIRE) --
About this update from Shimmick Corporation
[{"type":"text","content":"Shimmick realized significant progress with 24% growth in Shimmick Projects, with gross margin of 7%\nIRVINE, Calif., March 28, 2024 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure company, today announced financial results for the fiscal year ended December 29, 2023. Fiscal Year 2023 Highlights Completed Initial Public Offering in November 2023Reported revenue of $633 million, which includes $434 million of Shimmick Projects revenue, an increase of 24% for fiscal year 2023 compared to fiscal year 2022Diluted earnings per common share of $(0.11)Adjusted diluted earnings per common share of $0.48Backlog of approximately $1.1 billion as of December 29, 2023, and reported an 18% increase in Shimmick Projects backlog for the fiscal year 2023 compared to fiscal year 2022Secured key $200+ million project win on regional water reclamation expansionMaintained outstanding safety record for the fiscal year “We are executing on our strategy as we laid out in our IPO by focusing on higher quality, shorter duration projects with improved margins. We are making progress on completing the legacy jobs and are focused on selectively bidding jobs that achieve our targeted gross margins,\" said Steve Richards, Chief Executive Officer of Shimmick. \"We believe we sit in a unique position in the space, constantly displaying our competitive advantage and are primed to execute on the many opportunities we see in a large total addressable market,” continued Richards. \"As we continue to work through and wind down the Legacy Projects and ramping up our new Shimmick Projects, our quarter to quarter results will fluctuate. We are excited to see our Shimmick Projects backlog building and our water infrastructure-focused strategy come to life,\" said Devin Nordhagen, Chief Financial Officer of Shimmick. A summary of our results is included in the table below: Three Months Ended Fiscal Year Ended (In millions, except per share data)December 29, 2023 December 30, 2022 Change December 29, 2023 December 30, 2022 Change Revenue$138 $186 $(48) $633 $664 $(31)Gross margin - 5 (5) 22 23 (1)Net (loss) income attributable to Shimmick Corporation (17) (18) 1 (3) 4 (7)Adjusted net (loss) income (14) (15) 1 11 30 (19)Adjusted EBITDA (9) (11) 2 30 47 (17)Diluted loss per common share attributable to Shimmick Corporation (0.74) (0.82) 0.0...