Limbach Q2 2022 Earnings Report
Key Takeaways
Limbach Holdings, Inc. reported a decrease in consolidated revenue by 4.0% but experienced a 48.7% increase in revenue from its Owner Direct Relationships (ODR) segment. The company's gross margin improved to 18.4%, leading to an increase in gross profit. Net income also saw an increase of 18.3% year-over-year.
Consolidated revenue decreased by 4.0% compared to the second quarter of 2021.
ODR segment revenue increased by 48.7% year-over-year, accounting for 42.9% of consolidated revenue.
Consolidated gross margin improved to 18.4% from 15.4% in the second quarter of 2021.
Net income increased to $0.9 million, an 18.3% increase year-over-year.
Limbach
Limbach
Forward Guidance
Limbach Holdings reconfirmed its financial guidance for the year, including estimated revenue of $510 million to $540 million and Adjusted EBITDA of $25 million to $29 million.
Positive Outlook
- Strong demand for both project and T&M work
- Contribution of Jake Marshall’s ODR business
- Industrial market acceleration due to onshoring and better domestic access to raw materials
- Customers focusing spending on maintenance of existing equipment
- Continued investment in facilities and equipment by blue-chip customers