Shimmick Corporation Announces First Quarter 2024 Results
Shimmick Corporation (SHIM)
Company Research
Source: GlobeNewswire
IRVINE, Calif., May 13, 2024 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure company, today announced financial results for the first quarter ended March 29, 2024. First Quarter 2024 and Recent Highlights Reported revenue of $120 million, which includes $90 million of Shimmick Projects revenueReported a net loss of $33 million with an Adjusted EBITDA loss of $24 millionContinue to work down legacy backlog with revenue of $23 million, a decline from $56 million last year with a negative gross margin of $11 million, reflecting increases in the estimated cost to complete and ongoing legal costsAnnounced the sale of the assets related to non-core foundation drilling projects and an equipment yard that will raise approximately $39 million and reduce future capital expendituresBacklog is over $1.0 billion as of March 29, 2024, with 83% being Shimmick ProjectsWon several jobs in quarter including new ozonation water project and drainage system for over
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SHIM
News
- Shimmick Co. (NASDAQ: SHIM) had its price target lowered by analysts at Craig Hallum from $4.00 to $3.00. They now have a "hold" rating on the stock.MarketBeat
- Shimmick Co. (NASDAQ: SHIM) had its price target lowered by analysts at Roth Mkm from $3.50 to $3.00. They now have a "neutral" rating on the stock.MarketBeat
- Shimmick Corporation Announces Second Quarter 2024 Results - Provides Update on Transformation PlanGlobeNewswire
- Shimmick Corporation Announces Updated Second Quarter 2024 Earnings Conference Call DateGlobeNewswire
- Shimmick Corporation (SHIM): Did Street Analysts Give This New Penny Stock a Buy Rating? [Yahoo! Finance]Yahoo! Finance
SHIM
Earnings
- 8/15/24 - Miss
SHIM
Sec Filings
- 9/27/24 - Form SC
- 9/26/24 - Form 8-K
- 8/23/24 - Form 4
- SHIM's page on the SEC website