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Limbach Holdings, Inc. (symbol: LMB) is a prominent integrated building systems provider headquartered in Pittsburgh, PA. Established with an estimated revenue of approximately $400 million in 2016, the company specializes in managing all components of mechanical, electrical, plumbing, and control systems. Limbach's core services encompass system design, construction, performance, and maintenance for both new and existing buildings.
Operating through 10 strategically located business units across the United States, Limbach serves a diverse customer base, including private building owners, not-for-profit organizations, and public/government sectors. Their locations span from Western and Eastern Pennsylvania, New Jersey, New England, Ohio, Michigan, Southern California, to the Mid-Atlantic region.
Limbach's expertise includes engineering, constructing, and servicing critical building systems such as mechanical, plumbing, air conditioning, heating, building automation, electrical and control systems. The company operates in two primary segments: General Contractor Relationships (GCR) and Owner Direct Relationships (ODR), with the latter generating the maximum revenue for the company.
Noteworthy recent achievements include various successful projects, partnerships, and advancements in energy retrofit solutions and equipment upgrades. This positions Limbach as a leader in the commercial specialty contracting field, ensuring sustainable and efficient building system solutions for their clients.
Limbach Holdings, Inc. (Nasdaq: LMB) reported first quarter 2024 results, showing a 26.5% increase in quarterly revenue from Owner Direct Relationships (ODR) segment. ODR accounted for 62.4% of revenue and 71.3% of consolidated gross profit. The company achieved a record quarterly consolidated gross margin of 26.1%, with quarterly net income up 153.5% to $7.6 million. Adjusted EBITDA also rose by 35.4% year-over-year. Limbach's management is optimistic about the growth potential of the ODR business segment, increasing Adjusted EBITDA guidance to $51-55 million for the year and projecting a full-year Adjusted EBITDA Margin of 9.6% to 10.8% based on total revenue of $510-530 million.
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