Shimmick Corporation Announces Second Quarter 2024 Results - Provides Update on Transformation Plan
Shimmick Corporation (SHIM)
Company Research
Source: GlobeNewswire
IRVINE, Calif., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure company, today announced financial results for the second quarter ended June 28, 2024. Second Quarter 2024 and Recent Highlights A settlement agreement on litigation on one of the two Legacy Loss Projects (a federal lock and dam project) which will result in $33 million in additional liquidity and eliminates the cost and distraction of prolonged litigationReported revenue of $91 million, which includes $84 million of Shimmick Projects revenue and a $23 million reduction in Legacy Projects revenue associated with the settlementReported a net loss of $51 million with an Adjusted EBITDA loss of $40 million which includes a $30 million reduction in Legacy Projects gross margin associated with the settlementBacklog is over $923 million as of June 28, 2024, with over 80% being Shimmick ProjectsWon a new cogeneration system replacement projectCompleted sale of our Tracy Equipm
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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 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
- Shimmick Corporation Announces Second Quarter 2024 Earnings Release Date and Conference CallGlobeNewswire
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