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Limbach Holdings Inc. (LMB-4.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Limbach's operations in two segments: Owner Direct Relationships (ODR) and General Contractor Relationships (GCR). ODR revenue increased by 31.9% to $345.5 million, while GCR revenue decreased by 31.9% to $173.3 million.
The company reported a consolidated gross profit of $144.3 million, representing a 27.8% margin, up from 23.1% in the previous year. This increase is attributed to higher margins in the ODR segment and selective project pursuit in the GCR segment.
Selling, general, and administrative expenses rose to $97.2 million, primarily due to increased payroll and incentive-related expenses, as well as costs from recent acquisitions.
Limbach completed two acquisitions in 2024: Kent Island Mechanical, LLC and Consolidated Mechanical, LLC. These acquisitions expanded Limbach's market presence and service offerings.
The company reported net income of $30.9 million, an increase from $20.8 million in the previous year. The effective tax rate for 2024 was 22.7%, impacted by stock-based compensation benefits.
Limbach's backlog as of December 31, 2024, was $225.3 million for ODR and $140.0 million for GCR. The company expects to recognize 86% of its ODR backlog and 72% of its GCR backlog as revenue in 2025.
The company continues to focus on expanding its ODR segment, improving GCR project execution, and pursuing strategic acquisitions to drive growth.
Limbach's liquidity position includes $44.9 million in cash and cash equivalents, with $35.8 million available under its revolving credit facility.
The company is subject to various risks, including competition, project execution challenges, and economic conditions, which could impact future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Limbach Holdings Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.