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Sep 30, 2024
Limbach Q3 2024 Earnings Report
Reported net income of $7.5 million and record quarterly adjusted EBITDA of $17.3 million.
Key Takeaways
Limbach Holdings, Inc. reported a 4.8% increase in total revenue to $133.9 million and a 27.2% increase in adjusted EBITDA to $17.3 million compared to the third quarter of 2023. The company also raised its 2024 adjusted EBITDA guidance.
Owner Direct Relationships (ODR) revenue increased by 41.3% to $93.0 million, representing 69.4% of total revenue.
Total gross profit increased by 15.6% to $36.1 million.
Net income increased to $7.5 million, or $0.62 per diluted share.
Adjusted EBITDA increased by 27.2% to $17.3 million.
Limbach
Limbach
Forward Guidance
Limbach is updating its guidance for FY 2024 with revenue expected to be in the range of $520 million to $540 million and adjusted EBITDA expected to be in the range of $60 million to $63 million.
Positive Outlook
- Revenue is expected to be between $520 million and $540 million.
- Adjusted EBITDA is expected to be between $60 million and $63 million.