Limbach Holdings Reports Mixed Q4 Results, Exceeds Annual Revenue Projections

Limbach Holdings Inc. reported mixed results for its fiscal year 2024, revealing total revenue of $518.8 million, a slight increase from the previous year, driven primarily by a 31.9% rise in Owner Direct Relationships (ODR) revenue. However, General Contractor Relationships (GCR) revenue fell by 31.9%, reflecting a strategic shift towards higher-margin projects. The company announced a net income of $30.9 million, up from $20.8 million, and a gross profit margin improvement to 27.8%. Despite a revenue miss in Q4 with $143.7 million compared to expectations, Limbach projected a favorable fiscal year 2025 revenue guidance of $620 million, exceeding analyst estimates. CEO Michael McCann highlighted the company's strategic acquisitions and focus on customer relationships across multiple sectors as key to growth. Overall, Limbach's performance indicates resilience and optimism for future expansion amid ongoing challenges in the market.