Limbach Holdings provides buildings solutions for mechanical, plumbing and electrical systems in new construction and renovation projects. Its customers are both construction contractors and building owners, such as hospitals, colleges, sports venues, business campuses, and energy plants among other property complexes. With over one hundred years of uninterrupted service, the Company has a reputation for strong engineering capabilities.
The Company recently reported $516.4 million in total sales in the year 2023, representing a 3.9% year-over-year increase at the top line. Management succeeded in bringing $20.8 million in net income to the bottom line or $1.76 in earnings per share. Cash from operations totaled $57.4 million for the full fiscal year, representing an admirable 11.12% sales-to-cash conversion rate.
Cash resources totaled $59.8 million at the end of December 2023. The Company paid off outstanding term loan with $11.5 million in cash. The move left indebtedness at $14.1 million, composed of $10.0 million outstanding on a revolving line of credit ad $4.1 million in standby letters of credit.
Strong profits and cash flow generation bodes well for growth investment in the next year. With the last financial report, management offered new guidance for the year 2024, suggesting topline growth near 3.0% and as mush as 13.0% growth in cash earnings.
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