Limbach Q2 net income rises to $6.0M; record adjusted EBITDA $13.8M; raises FY guidance

Limbach Holdings, Inc.

2024-Q2 EPS reported $1.13 revenue$241,211,000

Q2 net income $6.0M ($0.50 diluted EPS) vs $5.3M ($0.46) YoY; record adjusted EBITDA $13.8M, up 16%.
ODR revenue surged 40.8% to $82.8M, 67.7% of total revenue; ODR gross margin improved to 30.6%.
Total revenue $122.2M, down 2.1% YoY as GCR revenue fell 40.3% amid mix-shift strategy.
FY 2024 guidance raised: revenue $515M-$535M, adjusted EBITDA $55M-$58M (prior $51M-$55M).
Cash and equivalents $59.5M; net cash from operations $16.5M; working capital $82.7M.

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