Shares of Limbach Holdings Inc (NASDAQ: LMB) surged by 6.11% on Monday after the company reported impressive financial results for the third quarter of 2024, surpassing analyst expectations on both earnings and revenue fronts.
For the three months ended September 30, 2024, LMB posted earnings per share of $0.62, beating the consensus analyst estimate of $0.52 by a significant margin of 19.23%. The company's revenue for the quarter stood at $133.92 million, outperforming the analyst consensus estimate of $129.5 million by 3.41% and representing a 4.81% increase compared to the same period last year.
A key driver behind LMB's strong performance was the robust growth in its Owner Direct Relationships (ODR) segment, which saw revenue surge by 41.3% year-over-year to $93 million, accounting for 69.4% of the company's total revenue during the quarter.
Encouraged by the solid third-quarter results, LMB raised its full-year 2024 guidance. The company now expects revenue to range between $520 million and $540 million, up from the previous guidance of $515 million to $535 million. Additionally, LMB increased its adjusted EBITDA guidance for fiscal 2024 to $60 million to $63 million, compared to the earlier range of $55 million to $58 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.