Shimmick Q2 Revenue Misses by 12%, But Backlog Hits Record $991M and Guidance Reaffirmed
SHIM has more than doubled off its 52-week low of $1.77.
Summary
Shimmick's Q2 revenue fell 12% short of consensus at $106.6M, driven by completion of lower-margin projects and declining activity on existing work. Adjusted EBITDA of $4.4M beat the $4.15M estimate, and net loss narrowed to $4.8M. The company reaffirmed full-year revenue of $525M-$575M and Adjusted EBITDA of $15M-$30M, backed by a record $991M backlog. This follows a Q1 miss and a $14M equity raise in May; the reaffirmed guidance and margin improvement on new higher-margin projects suggest stabilization. The stock closed at $4.42 on August 7, well below the $6.50 median analyst target.
At the time of this announcement, SHIM was trading at $4.00 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $172.1M. The 52-week trading range was $1.77 to $6.76. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.