Limbach Holdings, Inc.
95.42-2.55 (-2.6%)
Oct 29, 4:00:02 PM EDT · NasdaqCM · LMB · USD
Key Stats
Market Cap
1.11BP/E (TTM)
32.68Basic EPS (TTM)
2.92Dividend Yield
0%Recent Filings
8-K
Limbach acquires Pioneer Power
Limbach Holdings closed its acquisition of Pioneer Power on July 1, 2025, for $66.1 million using cash and $40 million in revolver borrowings, expanding into the Upper Midwest with a firm focused on industrial mechanical services for mission-critical facilities. This bolsters Limbach's Owner Direct Relationships model, adding blue-chip customers and aligning with its ODR shift. PPI should contribute $120 million in revenue and $10 million in Adjusted EBITDA in FY 2026. Integration kicks off cautiously.
10-Q
Q2 FY2025 results
Limbach Holdings posted solid Q2 results, with revenue climbing 16.4% year-over-year to $142.2M, fueled by 31.7% growth in the higher-margin Owner Direct Relationships segment to $108.9M, while General Contractor Relationships dipped 15.7% to $33.3M amid a strategic mix shift. Gross profit rose 18.9% to $39.8M, lifting the margin to 28.0% from 27.4%, thanks to selective project picks and fewer write-downs. Operating income hit $10.6M, up from $8.2M, with diluted EPS at $0.64 versus $0.50; the EPS aligns with 12.1M diluted shares. Cash stood at $38.9M, with $84.9M revolver availability under the expanded $100M facility maturing 2030, and free cash flow (derived) of $1.2M after $3.1M capex. Recent buys like Kent Island (closed Sep 2024 for $15.0M cash, $5.6M goodwill) and Consolidated Mechanical (Dec 2024 for $23.0M cash, $11.1M goodwill) bolstered industrial reach, while July's $66.1M Pioneer Power deal adds Midwest muscle. Yet competition in the sector keeps pressure on bids.
8-K
Limbach boosts Q2 results, guidance
Limbach Holdings reported Q2 2025 revenue of $142.2 million, up 16.4% year-over-year, with net income rising 30.2% to $7.8 million and Adjusted EBITDA climbing 30.0% to $17.9 million, fueled by ODR revenue surging 31.7% to 76.6% of total. The company raised full-year guidance to $650-$680 million in revenue and $80-$86 million in Adjusted EBITDA, reflecting its mix-shift strategy toward higher-margin owner-direct work. ODR now dominates, yet GCR margins improved to 24.7%. Post-quarter, Limbach acquired PPI for $66.1 million to expand Midwest footprint.
8-K
Credit facility upsized, Pioneer acquired
Limbach Holdings expanded its revolving credit facility to $100 million on June 27, 2025, doubling the prior $50 million limit while extending maturity to July 1, 2030 and cutting interest margins. This upsized borrowing capacity, with a $20 million letter of credit sublimit, bolsters liquidity for operations and acquisitions. The firm closed its $66.1 million purchase of Pioneer Power on July 1, 2025, funded by cash and the facility, targeting mechanical contracting growth in Minnesota. Yet integration risks linger.
8-K
Limbach approves incentive plan amendments
Limbach Holdings' stockholders elected Michael M. McCann and Laurel J. Krzeminski as Class C directors at the June 11, 2025 annual meeting, with strong support for executive pay approval and auditor ratification by Crowe LLP. Crucially, they greenlit Amendment No. 6 to the Omnibus Incentive Plan, enhancing RSU and PSU vesting for death, disability, retirement, and reductions in force—full acceleration on death or disability, pro-rata on unnotified retirement or layoffs. This bolsters talent retention amid workforce shifts. Vesting tweaks aid loyalty.
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