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Jun 30, 2023
Limbach Q2 2023 Earnings Report
Announced second quarter 2023 results with ODR segment revenue up 18.1% year-over-year and consolidated gross margin increased to 22.8%.
Key Takeaways
Limbach Holdings, Inc. reported a 7.5% increase in consolidated revenue, reaching $124.9 million in Q2 2023. Net income rose to $5.3 million, or $0.46 per diluted share, and Adjusted EBITDA increased by 81.1% to $11.9 million.
Consolidated revenue increased by 7.5% to $124.9 million.
Gross profit increased by 33.7% to $28.5 million.
Net income increased to $5.3 million, or $0.46 per diluted share.
Adjusted EBITDA increased by 81.1% to $11.9 million.
Limbach
Limbach
Forward Guidance
The company is updating its guidance for FY 2023 with revenue expected to be between $490 million and $520 million and Adjusted EBITDA between $38 million and $41 million.
Positive Outlook
- Revenue expected to be between $490 million and $520 million
- Adjusted EBITDA expected to be between $38 million and $41 million
- Strategic focus on expanding the ODR segment’s contribution to the business.
- Expect annual GCR gross margins to trend to a range of 12% to 15%.
- ODR margins are expected to be in a range from 25% to 28%.