LMB - Limbach Holdings falls 10% after lowering guidance range
Limbach Holdings (NASDAQ:LMB) -10% reported Q2 EPS of $0.07 in-line with analyst estimate. Total revenue of $121M, down 10.5% Y/Y. GCR segment revenue of $87.6M, down 17.4%, while ODR segment revenue of $33.5M, up 14.4% Y/Y. Adjusted EBITDA declined to $3.6M from $8.1M in 2Q20 primarily due to $3.5M increase in SG&A, most of which was incurred to fund ODR expansion, coupled with lower GCR segment gross profit. Total backlog at June 30, 2021 was $439.5M vs. $444.4M as of December 31, 2020. At June 30, 2021, GCR and ODR segment backlog accounted for $378.9M and $60.6M respectively. The company lowered FY21 guidance range to $480M-$510M from prior guidance of $480M-$520M vs. $485.42M consensus. Adj. EBITDA of $23M-$25M from prior guidance of $23M-$27M vs. $25.1M in FY20. Transcript Previously (Aug. 12): Limbach EPS in-line, beats on revenue
For further details see:
Limbach Holdings falls 10% after lowering guidance range