Shimmick Q3 revenue $166M, net loss $2M; GGB settlement $97M; Ural Yal named CEO

Shimmick Corp

2024-Q3 EPS reported -$2.96 revenue$376,684,000

Revenue $166M, down from $175M YoY; Shimmick Project revenue $101M with 6% gross margin.
Net loss $2M ($0.05 diluted loss) vs net income $35M in prior year; adjusted net income $24M ($0.72 adjusted EPS).
Golden Gate Bridge project settlement will bring $97M cash before end of 2024; substantial completion expected Q3 2025.
Ural Yal hired as CEO, starting Dec 2, 2024; Steve Richards retiring after 43-year career.
FY 2024 guidance: Shimmick Projects gross margin 4-7% (flat revenue); Legacy Projects revenue $90-95M with negative (40-50)% gross margin.

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