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Shimmick Corporation (SHIM)
NASDAQ:SHIM
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Earnings Data
Report Date
Mar 27, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-0.36Last Year’s EPS
-0.59Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Mar 28, 2024
|% Change Since: 13.43%
|Next Earnings Date:Dec 19, 2023
Earnings Call Sentiment|Neutral
The earnings call revealed a mixed performance for Shimmick Corporation in Q3 2024. While the company successfully settled the Golden Gate Bridge project claim and completed significant infrastructure projects, the quarter also saw a net loss and decreased revenue. The transition to new leadership and a focus on improving backlog quality are positive steps forward, but challenges remain with legacy projects and system expenses.Company Guidance
In the third quarter 2024 earnings call, Shimmick Corporation provided detailed guidance focusing on their financial metrics and strategic direction. The company reported revenues of $166 million with a net loss of $2 million, contrasting with $175 million in revenue and a net income of $35 million in the same quarter of the previous year. Adjusted EBITDA was $30 million, down from $42 million year-over-year. Shimmick's backlog was robust at $834 million, with Shimmick Projects contributing 85% compared to 80% the previous quarter. The company anticipates Shimmick Projects' revenues to remain flat for the fiscal year ending January 3, 2025, with gross margins forecasted between 4% to 7%. Legacy Projects, however, are expected to generate $90 million to $95 million in revenue with negative gross margins of 40% to 50%, mainly due to settlement impacts and cost overruns. The company sees positive momentum with a $97 million settlement from their Golden Gate Bridge project and looks forward to leveraging these proceeds to improve liquidity and operational capacity.Settlement of Golden Gate Bridge Project Claim
Shimmick Corporation reached a settlement agreement on the Golden Gate Bridge project, receiving $97 million as reimbursement for costs incurred. This settlement marks the resolution of the last major outstanding claim of the Legacy Loss Projects.
CEO Transition and New Leadership
Steven Richards announced his retirement, with Ural Yal appointed as the new CEO. Ural Yal has extensive knowledge of the California and water infrastructure market, positioning the company for future growth.
Smith Canal Gate Project Completion
Shimmick completed the Smith Canal Gate project, enhancing Stockton's flood resilience and protecting homes and businesses from high water events.
Improved Backlog Composition
Shimmick's backlog remains strong at $834 million, with 85% of the backlog consisting of Shimmick Projects, up from 80% the previous quarter.
Efforts to Improve Gross Margin
Gross margin recognized on Shimmick Projects in Q3 was 6%, showing sequential improvement from earlier quarters in 2024.
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SHIM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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SHIM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 12, 2024 | $2.16 | $2.22 | +2.78% |
| Aug 15, 2024 | $3.28 | $2.68 | -18.29% |
| May 13, 2024 | $3.64 | $2.40 | -34.07% |
| Mar 28, 2024 | $6.80 | $5.76 | -15.29% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Shimmick Corporation (SHIM) report earnings?
Shimmick Corporation (SHIM) is schdueled to report earning on Mar 27, 2025, TBA Not Confirmed.
What is Shimmick Corporation (SHIM) earnings time?
Shimmick Corporation (SHIM) earnings time is at Mar 27, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SHIM EPS forecast?
SHIM EPS forecast for the fiscal quarter 2024 (Q4) is -0.36.
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