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QLIMBACH FOR IMMEDIATE RELEASE Limbach Holdings Reports First Quarter 2021 Results Gross Margin Increases to 15.2 % as Owner - Direct Shift Accelerates Conference Call Scheduled for 10:00 am ET on May 14 , 2021 PITTSBURGH , PA – May 14 , 2021 – Limbach Holdings , Inc. ( Nasdaq : LMB ) ( “ Limbach ” or the “ Company ” ) today announced its financial results for the quarter ended March 31 , 2021. Consolidated revenues declined 18.3 % to $ 113.3 million as the Company continues to focus on replacing largely complete , lower margin projects with higher margin opportunities for strategic customers . Consistent with the Company's focus on expanded profitability driven by a more rigorous project selection process , gross margin improved to 15.2 % compared to 13.1 % in the year ago period and 14.3 % , sequentially . As of January 1 , 2021 , the Company renamed its existing two reportable segments to reflect our two distinct approaches to our customer base and to better align with our owner direct strategy . The previously named Construction Segment is now known as General Contractor Relationships ( " GCR " ) and the previously named Service Segment is now known as Owner Direct Relationships ( " ODR ” ) . Charlie Bacon , Limbach's President and Chief Executive Officer , said , “ This year is an inflection point for Limbach as we look to accelerate towards an owner - driven business model . We experienced the initial validation of this strategy during the first quarter as our gross margin expanded 210 basis points to 15.2 % compared to last year's first quarter . Our GCR revenue declined compared with the prior year , consistent with our intentional shift to a more rigorous project selection process that emphasizes risk mitigation and improved profitability . The near - term impact of this strategy is expected to be a reduction in GCR revenue in 2021 , but accompanied by a stronger gross margin and greater consistency of execution and reduced risk . Our ODR segment continued to generate strong performance and accounted for a larger share of our consolidated revenue than during last year's first quarter , a trend we expect to continue as the year progresses . ” Mr. Bacon continued , “ We continue to see business activity accelerate from the low point in late 2020 as the construction industry returns to a more normal state of activity . At this time , we are introducing guidance for the full year , and are forecasting revenue to be between $ 480 million and $ 520 million , and Adjusted EBITDA of $ 23 million to $ 27 million . We also expect the second half of the year to account for a greater majority of our revenue and Adjusted EBITDA than it has in prior years given the current business cycle . "