Limbach Q2 2024 Earnings Report
Key Takeaways
Limbach Holdings reported a decrease in total revenue but an increase in net income and adjusted EBITDA. The company's ODR business grew significantly, contributing a larger portion of total revenue and gross profit. As a result, Limbach is raising its 2024 adjusted EBITDA guidance.
Owner Direct Relationships (ODR) revenue increased by 40.8%, accounting for 67.7% of total revenue.
Total revenue decreased by 2.1% to $122.2 million.
Net income increased to $6.0 million, or $0.50 per diluted share.
Adjusted EBITDA increased by 16.0% to $13.8 million.
Limbach
Limbach
Forward Guidance
Limbach is increasing its 2024 adjusted EBITDA guidance range to $55 million to $58 million from the current range of $51 million to $55 million. Revenue guidance is raised to $515 million - $535 million from $510 million - $530 million.