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Mar 31, 2024
Limbach Q1 2024 Earnings Report
Limbach Holdings reported first quarter results with ODR segment revenue increasing and a shift towards higher margin business, leading to increased profitability.
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
Limbach Revenue by Segment
Revenue by Segment
Owner Direct Relationships Revenue
CapyFin.comGeneral Contractor Relationships Revenue
CapyFin.com 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income