The following is a summary of the Limbach Holdings, Inc. (LMB) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Limbach displayed a robust financial performance in 2023, with significant earnings growth and expanded gross margins (by 420 basis points to 23.1%), underpinned by a strong balance sheet.

• They reported Q4 consolidated revenue of $142.7 million (a marginal 0.6% decline from Q4 2022). Still, the full-year consolidated revenue grew by 3.9% to $516.4 million.

• Net income for Q4 was up at $5.2 million or $0.44 per diluted share, while the full-year net income was $20.8 million or $1.76 per diluted share.

• Their operating cash flow also notably increased both for Q4 (12.2%) and the full year (62.2%).

• For 2024, the company projects a revenue of $510 million to $530 million, adjusted EBITDA of $49 million to $53 million, and targets a free cash flow conversion rate of approximately 70%.

Business Progress:

• Limbach is strategically shifting towards being a value-added solutions partner, concentrating on six key vertical markets, and expanding services from construction to maintaining and upgrading the infrastructure for building owners.

• Their ODR business has considerably grown, with 55.1% of consolidated revenue in Q4 coming from this sector, resulting in an effective mixed shift strategy.

• They aim for the ODR revenue mix to be 60% to 70% for 2024.

• Limbach has also capitalized on strategic acquisitions, acquiring ACME Industrial and Industrial Air in 2023 to expand geographically and broaden their service capabilities.

• Further investments are underway, like in portable HVAC rental equipment, as part of growing their market share and bolstering the ODR strategy.

More details: Limbach IR

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