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QLIMBACH FOR IMMEDIATE RELEASE Limbach Holdings , Inc. Reports Second Quarter 2021 Results Consolidated Revenue of $ 121.0 Million Driven by Continued Growth in Owner Direct Relationships Segment Gross Margins Improved to 15.4 % ; Diluted EPS of $ 0.07 Conference Call Scheduled for 9:00 am ET on August 13 , 2021 PITTSBURGH , PA - August 12 , 2021 - Limbach Holdings , Inc. ( Nasdaq : LMB ) today announced its financial results for the quarter ended June 30 , 2021 . Consolidated revenue improved to $ 121.0 million , or 6.8 % , compared with the first quarter of 2021 as business conditions strengthened relative to the first quarter of 2021. ODR ( ¹ ) segment revenue accounted for 27.7 % of consolidated revenue in the second quarter of 2021 compared to 21.6 % in the second quarter of 2020. Consolidated gross margin of 15.4 % increased 24 basis points sequentially , and 40 basis points year - over - year as a result of a shift in mix to the ODR segment , which provides for higher gross margins , as well as better overall execution . In the second quarter of 2021 , the ODR segment accounted for more than 50 % of consolidated gross profit . Charlie Bacon , Limbach's President and Chief Executive Officer , said , “ Our second quarter reflected steady improvement in activity levels from the first quarter as business and economic conditions improved . We're pleased with the sequential and year - over - year growth in ODR revenue and the continued strength of ODR margins , both of which have been key objectives . In the GCR segment , substantially all of the work required to meet our current year total revenue guidance is in backlog and promised work from customer commitments not yet contracted . In our ODR segment , much of the work required to meet our current year total revenue guidance is included in backlog , promised work from customer commitments not yet contracted , our maintenance base , and expected related pull through work . We also continue to see an improving pipeline of opportunities as our customers accelerate their capital spending tied to the reopening and expanding economy . " Mr. Bacon continued , “ Our ODR revenue growth is expected to exceed historical rates . However , that growth , while substantial and expected to be in excess of 25 % for the year , will fall slightly short of our original expectation . GCR revenue is tracking ahead of plan due to strong sales in the second quarter of 2021 , but given the lower margins in that segment and our expectation for selling , general and administrative expense to continue as planned based on the investments into the ODR segment , we are tightening our Adjusted EBITDA guidance range to $ 23 million to $ 25 million for 2021 based on the likely mix between GCR and ODR revenue . Based on our current backlog , opportunities in hand , and our work schedules for the second half of 2021 , we are tightening our revenue guidance range to $ 480 million to $ 510 million . We remain cautiously optimistic about the balance of 2021 despite the emergence of the Delta Variant of COVID - 19 becoming more prevalent within the areas we operate . Due to this uncertainty , we are currently not able to forecast any additional impacts from the pandemic during the second half of 2021. " Mr. Bacon concluded , " We have noted that 2021 would be a year of transition for Limbach and I am pleased to report that this process is underway . As we look forward to the second half of 2021 , our projections show the ODR segment contributing as much as 30 % of our consolidated revenue for the year , helping us drive gross margin improvement of up to 150 basis points . ODR revenue drives higher margins , and our stated goal has been to continuously drive a greater mix of our total revenue towards this segment . " ( ¹ ) 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 ” ) .