Limbach Q1 2024 Earnings Report
Key Takeaways
Limbach Holdings reported a decrease in consolidated revenue by 1.7% to $119.0 million, but net income increased by 153.5% to $7.6 million. The ODR segment revenue increased by 26.5%, accounting for 62.4% of consolidated revenue. Adjusted EBITDA increased by 35.4% to $11.8 million, and the company increased its Adjusted EBITDA guidance for the year.
ODR revenue increased by 26.5% year-over-year, reaching $74.3 million and accounting for 62.4% of consolidated revenue.
Net income increased by 153.5% to $7.6 million, or $0.64 per diluted share.
Adjusted EBITDA increased by 35.4% to $11.8 million.
The company increased its Adjusted EBITDA guidance for 2024 to a range of $51 million to $55 million.
Limbach
Limbach
Forward Guidance
Limbach is updating its guidance for FY 2024 with revenue expected to be between $510 million and $530 million, and Adjusted EBITDA between $51 million and $55 million.
Positive Outlook
- Revenue is projected to be between $510 million and $530 million.
- Adjusted EBITDA is projected to be between $51 million and $55 million.
- Annual goal for ODR revenue as a percentage of consolidated revenue has increased from a range of 60%-70% to a revised range of 65%-70%.
- Expect to see full-year Adjusted EBITDA Margin in the range of 9.6% to 10.8% for 2024.
- Balance sheet remains strong, and the company will judiciously make investments that support its strategy.