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Mar 31, 2025
Limbach Q1 2025 Earnings Report
Limbach reported record net income and increased Adjusted EBITDA for the first quarter of 2025.
Key Takeaways
Limbach Holdings, Inc. announced strong results for the first quarter of 2025, with total revenue increasing by 11.9% and net income reaching a record $10.2 million. Adjusted EBITDA also saw significant growth, rising 26.5%. The company's focus on Owner Direct Relationships (ODR) contributed to higher margins and more predictable revenue.
Total revenue increased by 11.9% to $133.1 million compared to Q1 2024.
Achieved record quarterly net income of $10.2 million, a 34.6% increase from Q1 2024.
Adjusted EBITDA grew by 26.5% to $14.9 million.
Owner Direct Relationships (ODR) revenue increased by 21.7% and represented 67.9% of total revenue.
Revenue by Segment
Forward Guidance
Limbach is affirming its previously provided guidance for the full year 2025.
Positive Outlook
- Company is confident in meeting its full-year guidance.
- Strategy to grow the ODR business has significant potential.
- Well-positioned for continued growth in ODR.
- Supported by strong cash generation and operational execution.
- Solid M&A pipeline.
Challenges Ahead
- Quantitative reconciliation for Adjusted EBITDA guidance is not available without unreasonable efforts.
- High variability, complexity, and low visibility with respect to certain items excluded from Adjusted EBITDA.
- Variability of excluded items could have a potentially unpredictable and significant impact on future financial results.
- No specific negative factors explicitly mentioned regarding the guidance itself, only the difficulty in providing a detailed reconciliation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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