Shimmick Q3 2023: Net income $35M, adjusted EBITDA $42M, backlog $1.2B

Shimmick Corp

Revenue $175M (-5% YoY); gross margin expanded 260 bps to 10.0%.
Diluted EPS $1.58; adjusted diluted EPS $1.67.
Adjusted net income $37M (+70% YoY); adjusted EBITDA $42M (+63% YoY).
Backlog $1.2B as of Sept 29, 2023, driven by higher-margin water projects.
CEO cites successful IPO and improved job-bidding strategy for profitability.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Shimmick Corp reported the third quarter ended September 29, 2023 results: revenue $175 million, net income $35 million, EPS $1.58.

Period: the third quarter ended September 29, 2023
Revenue: $175 million
Net income: $35 million
EPS: $1.58
Result: reported results

Exact text from the filing

Shimmick Corp. Announces Third Quarter 2023 Results Third Quarter 2023 Financial Highlights • Revenue of $175 million • Net income attributable to Shimmick of $35 million • Diluted earnings per common share of $1.58

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Source: SEC EDGAR

accession 0000950170-23-071493

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