Limbach reports Q3 adjusted EPS $1.05, consensus $1.05

Reports Q3 revenue $184.6M, consensus $184.48M. “We are pleased to report a solid third quarter, underscoring the success of our strategic transition to higher margin ODR business,” said Michael McCann, President and Chief Executive Officer of Limbach (LMB). “ODR revenue increased 52.0% year-over-year and now represents about 76.6% of total revenue for the quarter, in line with our annual mix shift guidance of 70% to 80%. We also expect ODR organic revenue growth to be in the range of 20% to 25% for the full year and maintain strong gross margins. Total ODR gross profit rose $6.0 million accounting for approximately 80% of total gross profit. These results demonstrate the tangible impact of our strategic focus to drive growth in our ODR business, minimize risk, and improve the consistency of our revenue and earnings.”