Q1 2025 Limbach Holdings Inc Earnings Call Transcript
Key Points
- Limbach Holdings Inc (LMB) reported a total revenue growth of 11.9% in Q1 2025 compared to Q1 2024.
- The Owner Direct Relationships (ODR) segment revenue increased by 21.7%, now accounting for 67.9% of total revenue.
- Gross profit expanded by 18.1%, reflecting a strong focus on high-margin ODR segments.
- Adjusted EBITDA increased by 26.5%, indicating improved operational efficiency.
- The company has added approximately 40 new professionals to its sales organization to support continued ODR growth.
- General Contractor Relationships (GCR) revenue declined by 4.5% as the company intentionally shifts focus towards ODR.
- SG&A expenses increased by approximately $3.6 million, representing 19.9% of total revenue, up from 19.2% in the previous year.
- The ODR gross margin slightly decreased from 29.8% in Q1 2024 to 28.9% in Q1 2025.
- The company faces ongoing tariff uncertainties, although the impact has been neutral so far.
- There is a risk of equipment price volatility due to macroeconomic factors, which could affect future project costs.
Good morning, and welcome to the first quarter of 2025 Limbach Holdings in earnings conference call and webcast. All participants will be in listen-only mode. (Operator Instructions) I will now turn the conference over to your host, Julie Kegley of Financial Profiles. You may begin.
Good morning and thank you for joining us today to discuss Limbach Holdings financial results for the first quarter of 2025. Yesterday, Limbach issued its earnings release and filed its Form 10 for the period ended March 31, 2025. Both documents, as well as an updated investor presentation, are available on the investor relations section of the company's website at limbachinc.com.
Management may refer to select slides during today's call and encourages investors to review the presentation in its entirety.
On today's call are Michael McCann, President and Chief Executive Officer; and Jamie Brooks, Executive Vice President and Chief Financial Officer. We will begin with prepared remarks
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