Mon, May 5, 9:00 PM (6 days ago)
**Limbach Holdings, Inc. (LMB) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** $133.1 million, up 11.9% YoY, driven by a 21.7% increase in Owner Direct Relationships (ODR) revenue and a 4.5% decrease in General Contractor Relationships (GCR) revenue. - **Gross Profit:** $36.7 million, up 18.1% YoY, with gross margins improving from 26.1% to 27.6%. - **Operating Income:** $7.9 million, up 21.2% YoY, with operating margins improving from 5.5% to 5.9%. - **Net Income:** $10.2 million, up 34.7% YoY, with net margins improving from 6.4% to 7.7%. - **EPS:** Basic $0.89, up 30.9% YoY; Diluted $0.85, up 32.8% YoY. **Cash Flow:** - **Operating Cash Flow:** $2.2 million, a significant improvement from a use of $3.9 million in Q1 2024. - **Investing Cash Flow:** -$1.9 million, primarily due to capital expenditures. - **Financing Cash Flow:** -$7.2 million, primarily due to tax payments and lease payments. **Balance Sheet:** - **Cash and Cash Equivalents:** $38.1 million, down from $48.3 million in Q1 2024. - **Total Assets:** $336.4 million, down from $352.1 million in Q1 2024. - **Total Liabilities:** $175.2 million, down from $198.6 million in Q1 2024. - **Stockholders' Equity:** $161.1 million, up from $153.5 million in Q1 2024. **Segment Performance:** - **ODR:** Revenue up 21.7% YoY, gross profit up 18.0% YoY, backlog up 10.5% YoY. - **GCR:** Revenue down 4.5% YoY, gross profit up 18.3% YoY, backlog down 14.3% YoY. **Trends and Uncertainties:** - **Positive Trends:** Continued focus on ODR growth, improved margins, and strategic acquisitions. - **Uncertainties:** Economic uncertainty, geopolitical risks, and potential supply chain disruptions. **Future Operations Impact:** - **Strategic Initiatives:** Focus on ODR growth, margin expansion, and strategic acquisitions. - **Liquidity:** Sufficient cash and borrowing capacity to meet short- and long-term capital requirements. **Notable Changes:** - **Acquisitions:** Completed acquisitions of Kent Island and Consolidated Mechanical, expanding market share and customer base. - **Stock-Based Compensation:** Increased non-cash stock-based compensation expense by $0.4 million. **Conclusion:** Limbach Holdings, Inc. demonstrated strong financial performance in Q1 2025, with significant revenue growth, improved margins, and strategic acquisitions. The company's focus on ODR growth and margin expansion positions it well for future success, despite ongoing economic uncertainties.