Shimmick reports Q2 EPS ($1.60) vs. (31c) last year

Reported revenue of $91M, consensus $124.15M which includes $84 M of Shimmick Projects revenue and a $23M reduction in Legacy Projects revenue associated with the settlement.Projects started after the AECOM Sale Transactions have focused on water infrastructure and other critical infrastructure. Revenue recognized on Shimmick Projects was $84M and $104M for the three months ended June 28 and June 30, 2023, respectively. The $20M decrease in revenue was primarily the result of a $29 million decrease from lower activity on existing jobs and jobs winding down partially offset by a $10M increase in revenue driven by a new water infrastructure job. Gross margin recognized on Shimmick Projects was $5M and $9M for the three months ended June 28, 2024 and June 30, 2023, respectively. The decline in the gross margin was primarily the result of a $7M decrease driven by increased cost, schedule extensions and jobs winding down and completing partially offset by a $2 M increase in margin from a new water infrastructure job.