Limbach Holdings Q1 net loss narrows to $1.5M; Adj EBITDA rises 65.5%; issues FY22 guidance

Limbach Holdings, Inc.

2022-Q1 EPS reported -$0.15 revenue$114,822,000

Q1 revenue $114.8M (+1.3% YoY); gross margin expanded to 16.0% from 15.2%.
Net loss $1.5M ($0.15 loss per share) vs $2.3M loss ($0.25) a year ago; adjusted EBITDA $3.4M (+65.5%).
ODR segment revenue surged 50.3% to $42.9M; ODR contributed 54.4% of consolidated gross profit.
Total backlog $447.6M at Mar 31, up $12.4M from Dec 31; FY22 revenue guidance $510M–$540M; Adj EBITDA $25M–$29M.
Also entered first amendment to Wintrust credit agreement adjusting EBITDA, debt definitions for restructuring, lease costs.

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