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QLIMBACH FOR IMMEDIATE RELEASE Limbach Holdings , Inc. Reports Third Quarter 2021 Results Consolidated Revenue of $ 129.2 million Revenue from Owner Direct Relationships Segment ( ODR ) up 17.6 % for the year - over - year quarter ODR Segment Accounted for Approximately 48 % of Consolidated Gross Profit Gross Margins Improved to 18.9 % ; Diluted EPS of $ 0.38 Conference Call Scheduled for 9:00 am ET on November 11 , 2021 PITTSBURGH , PA - November 10 , 2021 – Limbach Holdings , Inc. ( Nasdaq : LMB ) today announced its financial results for the quarter ended September 30 , 2021. Consolidated revenue improved to $ 129.2 million , or 6.7 % , compared with the second quarter of 2021 as business conditions strengthened relative to the second quarter of 2021. ODR ( ¹ ) segment revenue accounted for 30.4 % of consolidated revenue in the third quarter of 2021 compared to 20.4 % in the third quarter of 2020. Consolidated gross margin of 18.9 % increased 350 basis points sequentially over the second quarter of 2021 , and 410 basis points year - over - year for the third quarter 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 third quarter of 2021 , the ODR segment accounted for approximately 48 % of consolidated gross profit . Charlie Bacon , Limbach's President and Chief Executive Officer , said , “ We had a strong quarter and I want to thank everyone from our office personnel to our field talent for all of their hard work . Although the year started off slowly , we have consistently maintained our view that business would meaningfully accelerate in the second half of the year and our third quarter results bear that out . Our ODR segment continues to shine , with our maintenance base hitting its highest level in company history and continuing growth in smaller dollar projects . ” Mr. Bacon continued , “ Sales booking activity continued to be strong during the third quarter , with activity accelerating in September , particularly in our higher margin ODR segment . At this time , we have contracts in hand that would satisfy our revenue guidance for the full year 2021 and are focused on the execution of that work and securing work for 2022 and beyond . We continue to be selective in our bidding , maintaining the same gating criteria that drove our third quarter results . " Mr. Bacon concluded , “ We are affirming our Adjusted EBITDA guidance for the year to be in a range from $ 23 million to $ 25 million . However , I am disappointed with the continuing supply chain disruptions and as a result we currently believe those disruptions will drive us to track to the bottom end of this range . As many of our peers have noted , labor , materials , and equipment constitute the primary headwinds facing our industry and we echo this sentiment . We are also very mindful of our office and field labor and the current environment with respect to COVID - 19 . Despite these headwinds , we expect our risk management processes to deliver improved project and service execution . " The following are results for the three months ended September 30 , 2021 compared to the three months ended September 30 , 2020 : • Consolidated revenue was $ 129.2 million , a decrease of 21.2 % from $ 163.9 million . GCR segment revenue of $ 90.0 million was down 31.1 % , while ODR segment revenue of $ 39.2 million increased by $ 5.9 million , or 17.6 % . Gross margin increased to 18.9 % , up from 14.8 % . This increase was mainly driven by the mix of higher margin ODR segment work , coupled with improved GCR segment margins . GCR gross profit decreased $ 2.1 million , or 14.1 % , largely due to lower revenue despite increased margins . ODR gross profit increased $ 2.4 million , or 25.6 % , due to an increase in revenue at higher margins . On a dollar basis , total gross profit was $ 24.5 million , compared to $ 24.2 million . In addition , the increase in gross ( ¹ ) As of January 1 , 2021 , Limbach 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 " ) .