Limbach Q2 revenue misses estimates, cuts adjusted EBITDA forecast

Limbach Holdings

04/08/2026 21:53

Overview
US building systems firm's Q2 revenue rose 22% but missed analyst expectations
Adjusted diluted EPS for Q2 declined from prior year
Company raised FY 2026 revenue guidance but lowered adjusted EBITDA outlook

Outlook
Limbach raises FY 2026 revenue guidance to $760 mln-$790 mln, up from $730 mln-$760 mln
Company lowers FY 2026 adjusted EBITDA forecast to $78 mln-$84 mln from $90 mln-$94 mln
Limbach expects FY 2026 gross margin of 23%-24%, down from prior 26%-27% forecast

Result Drivers
ACQUISITION IMPACT - Q2 revenue growth was primarily driven by the acquisition of Pioneer Power, which contributed a full quarter of revenue
MARGIN PRESSURE - Gross margin declined due to the lower margin profile of Pioneer Power and lower net project write-ups, as well as competition for skilled labor and materials in data center markets
PROJECT TIMING AND PRICE SENSITIVITY - Management said results fell below expectations due to project timing and price sensitivity in certain markets, not a deterioration in demand

Company press release: ID:nBwb3ZSVXa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$173.46 mln
$177.25 mln (5 Analysts)
Q2 Net Income
 
$4.75 mln
 
Q2 Gross Profit
 
$37.29 mln
 
Q2 Operating Expenses
 
$30.04 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy"
Wall Street's median 12-month price target for Limbach Holdings Inc is $110.00, about 50.2% above its August 3 closing price of $73.25
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 26 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)