Welcome to our dedicated page for Shimmick Corporation news (Ticker: SHIM), a resource for investors and traders seeking the latest updates and insights on Shimmick Corporation stock.
Shimmick Corporation (NASDAQ: SHIM) is a top-tier provider of water and critical infrastructure solutions across the United States. The company has a specialized focus on Water Treatment, Water Resources, and other essential infrastructure projects. Shimmick is well-known for its role in expanding, rehabilitating, upgrading, and rebuilding water and wastewater treatment facilities, including cutting-edge desalination plants. Additionally, the company works on improving water storage, dams, levees, flood control systems, and coastal protection.
Shimmick’s significance extends to mass transit systems, bridges, and military infrastructure, ensuring the nation's critical infrastructure is built, retrofitted, expanded, and maintained to the highest standards. The company's expertise is backed by a team of industry veterans, many of whom have over two decades of experience, ensuring reliable and effective project delivery.
Recent achievements for Shimmick include a remarkable 24% growth in project engagements and a gross margin of 7%. For the fiscal year ending December 29, 2023, the company reported an adjusted net income of $11 million, reflecting its ongoing efforts to optimize operational performance. Looking ahead, Shimmick is focusing on enhancing its water infrastructure capabilities while also addressing legacy project challenges.
In recent news, Shimmick announced a series of strategic actions to enhance liquidity, including the sale of non-core assets and the establishment of new financing arrangements. These initiatives aim to stabilize the company's financial condition and support its ongoing transformation into a leading water infrastructure provider.
Shimmick remains committed to delivering high-quality infrastructure solutions and maintains strong partnerships with various stakeholders, ensuring project success and customer satisfaction. The company continues to adapt and evolve, positioning itself for sustained growth and profitability in the dynamic infrastructure sector.
Shimmick Construction and Myers and Sons, operating as Myers-Shimmick Joint Venture (MSJV), have been awarded an $8.26 million contract for preconstruction services on the North Hollywood to Pasadena Bus Rapid Transit Project by LA Metro. The project involves developing a 19-mile transit corridor connecting multiple California cities with 22 new stations.
If awarded the construction phase, the project's estimated value would be $190 million. The initiative aims to provide faster transit options, reduce traffic congestion, and improve air quality using zero-emission electric buses. Early utility work is scheduled to begin in 2025, with completion targeted for 2028.
Shimmick Construction (Nasdaq:SHIM) has been awarded a $45.4 million contract for the Murray Street Bridge project in Santa Cruz. The project involves extensive seismic retrofitting and improvements to enhance the bridge's resilience and accessibility. The scope includes installation of new piles, extended pile caps, new columns, and bent caps. The upgraded bridge will feature wider bike lanes, a new dedicated sidewalk, and see-through barrier rails replacing existing concrete barriers to improve harbor views. Shimmick has previous experience with similar projects including the Caltrans Dumbarton Bridge Seismic Retrofit and Port of San Francisco Illinois Street Intermodal Bridge.
Shimmick (NASDAQ: SHIM) reported Q3 2024 financial results with revenue of $166 million, including $101 million from Shimmick Projects. The company secured a $97 million settlement for the Golden Gate Bridge Project, to be collected by end of 2024. Q3 highlights include a 6% gross margin on Shimmick Projects, a net loss of $2 million, and Adjusted EBITDA of $30 million. The company's backlog stands at $834 million, with over 85% being Shimmick Projects. Notable events include the appointment of Ural Yal as new CEO, a $17 million gain from a sale-leaseback transaction, and a $16 million one-time charge related to ERP system enhancement.
Shimmick Corp (NASDAQ: SHIM) has appointed Ural Yal as its new CEO and Board member, effective December 2, 2024. Yal, 47, succeeds Steve Richards, who is retiring after a 43-year career. Yal brings 26 years of water and infrastructure construction experience, previously serving as Executive Vice President at Flatiron Construction. Richards, who has been CEO since 2021, will transition to a strategic advisor role and remain on the Board until the 2025 annual meeting. The leadership change comes after the company's successful IPO, strategic repositioning, and recent major claim settlements.
Shimmick (Nasdaq: SHIM), a water infrastructure company, announced it will release its third quarter 2024 financial results before market open on Tuesday, November 12, 2024. The company will host a conference call at 8:30 a.m. ET on the same day. Investors can join via phone at (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until December 3, 2024, and can be accessed at (877)-660-6853 (domestic) or (201)-612-7415 (international) using passcode 13749091. A simultaneous webcast will be available on the company's Investor Relations website.
Shimmick Corp (NASDAQ: SHIM) announced a $97 million settlement for its Golden Gate Bridge Project, resolving its last major outstanding legal claim. The settlement includes a $6.0 million reduction in work scope and project completion extension. Through Shimmick/Danny's Joint Venture, the payment will be received by end of 2024. The company expects to reach substantial completion of onsite work by Q3 2025. Key financial updates include a $17 million gain from the Tracy equipment yard sale-leaseback and a $16 million expense for ERP system enhancement. For Q3 2024, project losses are expected to largely offset the settlement gains, resulting in breakeven to small loss.
Shimmick Corp. (NASDAQ: SHIM) announced Q2 2024 results and provided an update on its transformation plan. Key highlights include:
- Revenue of $91 million, including $84 million from Shimmick Projects and a $23 million reduction in Legacy Projects revenue due to a settlement
- Net loss of $51 million and Adjusted EBITDA loss of $40 million
- Backlog of over $923 million, with 80% being Shimmick Projects
- Settlement agreement on a Legacy Loss Project, resulting in $33 million additional liquidity
- Sale of Tracy Equipment Yard for $20.5 million, with net proceeds used to repay debt
The company is focusing on the California water and critical infrastructure market, implementing initiatives to improve bidding, right-size costs, and redefine its operating model. Shimmick Projects revenue is expected to remain flat for FY2024, with gross margin between 4-9%.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has updated its second quarter 2024 earnings conference call date. The call will now take place on Friday, August 16, 2024, at 8:30am ET, instead of the previously scheduled Thursday, August 15. The company will still release its Q2 2024 results after market close on August 15, as originally planned.
Investors can access the call by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until September 6, 2024. Additionally, a simultaneous webcast will be accessible on the company's Investor Relations website.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has announced its upcoming second quarter 2024 earnings release and conference call. The financial results will be released after the market close on Thursday, August 15, 2024, followed by a conference call at 5:00 p.m. Eastern Time on the same day.
Investors can access the call by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until September 5, 2024, by dialing (877)-660-6853 or (201)-612-7415 (international) with passcode 13748447. Additionally, a simultaneous webcast will be available on the company's Investor Relations website.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has been named an Engineering-News Record Top 400 Contractor, ranking No. 193 with $656 million in annual revenue. The company also secured the No. 43 spot as a Top 50 Heavy Domestic contractor with $611 million in domestic heavy revenue.
Shimmick's ranking reflects its growing focus on water infrastructure projects, including a $248.5 million Regional Water Reclamation Facility Expansion project in Lake Elsinore, CA, a $68.1 million Laguna Treatment Plant Disinfection Improvements Project in Santa Rosa, CA, and a $114.4 million U.S. Army Corps of Engineers Folsom Main, Left Wing and Right-Wing Dams project. These initiatives underscore the company's commitment to addressing critical water challenges and expanding its presence in the water infrastructure sector.
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