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Mar 31, 2023
Limbach Q1 2023 Earnings Report
Limbach's first quarter results reflected solid performance with revenue increase and improved gross margin.
Key Takeaways
Limbach Holdings, Inc. reported a 5.4% increase in consolidated revenue, reaching $121.0 million, and a significant rise in gross profit by 43.0% to $26.2 million. Net income was $3.0 million, or $0.27 per diluted share, a substantial improvement from the previous year's net loss. Adjusted EBITDA increased by 154.0% to $8.7 million, and net cash provided by operating activities was $9.4 million, marking a strong start to the year.
Consolidated revenue increased by 5.4% year-over-year, reaching $121.0 million.
Gross profit surged by 43.0% to $26.2 million, with consolidated gross margin improving to 21.7%.
Net income was $3.0 million, a significant improvement from the prior year's net loss of $1.5 million.
Adjusted EBITDA increased by 154.0% to $8.7 million.
Forward Guidance
Limbach affirms its full year 2023 guidance.
Positive Outlook
- Revenue between $490 million and $520 million.
- Adjusted EBITDA between $33 million and $37 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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