Limbach Holdings, Inc. reported a slight increase in total revenue for the fiscal year ending December 31, 2024, reaching $518.8 million, up from $516.4 million in 2023. The company's Owner Direct Relationships (ODR) segment saw significant growth, with revenue increasing by 31.9% to $345.5 million, while the General Contractor Relationships (GCR) segment experienced a decline of 31.9%, falling to $173.3 million. This shift reflects Limbach's strategic focus on enhancing its ODR business, which is expected to yield higher margins compared to GCR projects.
The company's gross profit also improved, rising to $144.3 million, or 27.8% of total revenue, compared to $119.3 million, or 23.1% of total revenue, in the previous year. The increase in gross profit was primarily driven by the ODR segment, which reported a gross profit of $107.8 million, up 41.6% from the prior year. The GCR segment's gross profit decreased to $36.5 million, despite improved margins, due to lower revenue. Limbach's diluted earnings per share increased by 46% to $2.57, reflecting the overall profitability improvements.
In terms of strategic developments, Limbach completed two significant acquisitions in 2024: Kent Island Mechanical and Consolidated Mechanical, which are expected to enhance its market presence and support its ODR growth strategy. The company also reported a substantial increase in its ODR backlog, which rose to $225.3 million from $147.0 million in 2023, indicating strong future revenue potential. Conversely, the GCR backlog decreased to $140.0 million, reflecting the company's intentional shift towards higher-margin projects.
Operationally, Limbach maintained a workforce of approximately 1,400 employees across 20 offices in the eastern United States. The company continues to invest in employee development and training, which it views as critical to its growth strategy. The company’s cash flow from operating activities was $36.8 million, a decrease from $57.4 million in the previous year, primarily due to changes in working capital and accounts receivable. Despite this, Limbach's liquidity remains strong, with a current ratio of 1.46, indicating sufficient short-term financial health.
Looking ahead, Limbach Holdings aims to further enhance its profitability by continuing to focus on its ODR segment, expanding its service offerings, and pursuing strategic acquisitions. The company is also monitoring economic conditions, including inflation and interest rates, which could impact its operations and financial performance. Overall, Limbach's strategic initiatives and operational focus position it well for continued growth in the coming fiscal year.
About Limbach Holdings, Inc.
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