Welcome to our dedicated page for SHIMMICK CORPORATION news (Ticker: SHIM), a resource for investors and traders seeking the latest updates and insights on SHIMMICK CORPORATION stock.
Shimmick Corporation (NASDAQ: SHIM) delivers essential water infrastructure solutions and critical construction services nationwide. This dedicated news hub provides investors and stakeholders with timely updates on the company's engineering projects, operational developments, and strategic initiatives.
Access official press releases, regulatory filings, and objective analysis of SHIM's water treatment advancements, infrastructure contracts, and sustainability efforts. Our curated collection includes updates on dam construction projects, wastewater system upgrades, transit developments, and other public works critical to communities.
Key resources include earnings announcements, partnership disclosures, project completion milestones, and leadership updates. Bookmark this page for streamlined tracking of SHIM's progress in modernizing water infrastructure while maintaining strict environmental and safety standards across all operations.
Shimmick (Nasdaq: SHIM) has announced key changes in its financial leadership team. Todd Yoder has been appointed as Executive Vice President and Chief Financial Officer, effective April 14, 2025. Yoder brings extensive financial leadership experience from the construction industry, including previous roles at Shikun & Binui America and Fluor
Amanda Mobley, who has served as interim CFO since June 2024, will transition to the role of Chief Accounting Officer. CEO Ural Yal praised Mobley's leadership during the company's transformative period and highlighted Yoder's expertise in capital management, operational efficiency, risk management, and financial strategy as important for Shimmick's continued growth in infrastructure solutions.
Shimmick Corp. (NASDAQ: SHIM) reported Q4 2024 financial results with revenue of $104 million, including $80 million from Shimmick Projects. Full-year 2024 revenue reached $480 million, with $356 million from Shimmick Projects.
The company reported a net loss of $38 million and Adjusted EBITDA of $(27) million in Q4 2024, primarily due to Legacy Projects. Current backlog stands at $822 million, with over 87% comprising Shimmick Projects. The company maintains liquidity of $100 million and secured a new $15 million credit agreement.
For fiscal 2025 guidance, Shimmick projects:
- 10-15% revenue growth in Shimmick Projects with 9-12% gross margin
- $50-60 million revenue from Legacy and Foundations Projects
- Adjusted EBITDA between $15-25 million
Shimmick (Nasdaq: SHIM), a leading infrastructure solutions provider focused on water, climate resilience, energy transition, and sustainable transportation projects, has scheduled its fourth quarter and full year 2024 earnings release for Thursday, March 13, 2025, after market close.
The company will host a conference call at 5:00 p.m. Eastern Time on the same day. Investors can join via phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until April 3, 2025, by dialing (877)-660-6853 (domestic) or (201)-612-7415 (international) with passcode 13750884. Additionally, a simultaneous webcast will be accessible through the company's Investor Relations website.
Shimmick Construction and Myers and Sons, operating as Myers-Shimmick Joint Venture (MSJV), have been awarded an $8.26 million contract for preconstruction services on the North Hollywood to Pasadena Bus Rapid Transit Project by LA Metro. The project involves developing a 19-mile transit corridor connecting multiple California cities with 22 new stations.
If awarded the construction phase, the project's estimated value would be $190 million. The initiative aims to provide faster transit options, reduce traffic congestion, and improve air quality using zero-emission electric buses. Early utility work is scheduled to begin in 2025, with completion targeted for 2028.
Shimmick Construction (Nasdaq:SHIM) has been awarded a $45.4 million contract for the Murray Street Bridge project in Santa Cruz. The project involves extensive seismic retrofitting and improvements to enhance the bridge's resilience and accessibility. The scope includes installation of new piles, extended pile caps, new columns, and bent caps. The upgraded bridge will feature wider bike lanes, a new dedicated sidewalk, and see-through barrier rails replacing existing concrete barriers to improve harbor views. Shimmick has previous experience with similar projects including the Caltrans Dumbarton Bridge Seismic Retrofit and Port of San Francisco Illinois Street Intermodal Bridge.
Shimmick (NASDAQ: SHIM) reported Q3 2024 financial results with revenue of $166 million, including $101 million from Shimmick Projects. The company secured a $97 million settlement for the Golden Gate Bridge Project, to be collected by end of 2024. Q3 highlights include a 6% gross margin on Shimmick Projects, a net loss of $2 million, and Adjusted EBITDA of $30 million. The company's backlog stands at $834 million, with over 85% being Shimmick Projects. Notable events include the appointment of Ural Yal as new CEO, a $17 million gain from a sale-leaseback transaction, and a $16 million one-time charge related to ERP system enhancement.
Shimmick Corp (NASDAQ: SHIM) has appointed Ural Yal as its new CEO and Board member, effective December 2, 2024. Yal, 47, succeeds Steve Richards, who is retiring after a 43-year career. Yal brings 26 years of water and infrastructure construction experience, previously serving as Executive Vice President at Flatiron Construction. Richards, who has been CEO since 2021, will transition to a strategic advisor role and remain on the Board until the 2025 annual meeting. The leadership change comes after the company's successful IPO, strategic repositioning, and recent major claim settlements.
Shimmick (Nasdaq: SHIM), a water infrastructure company, announced it will release its third quarter 2024 financial results before market open on Tuesday, November 12, 2024. The company will host a conference call at 8:30 a.m. ET on the same day. Investors can join via phone at (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until December 3, 2024, and can be accessed at (877)-660-6853 (domestic) or (201)-612-7415 (international) using passcode 13749091. A simultaneous webcast will be available on the company's Investor Relations website.
Shimmick Corp (NASDAQ: SHIM) announced a $97 million settlement for its Golden Gate Bridge Project, resolving its last major outstanding legal claim. The settlement includes a $6.0 million reduction in work scope and project completion extension. Through Shimmick/Danny's Joint Venture, the payment will be received by end of 2024. The company expects to reach substantial completion of onsite work by Q3 2025. Key financial updates include a $17 million gain from the Tracy equipment yard sale-leaseback and a $16 million expense for ERP system enhancement. For Q3 2024, project losses are expected to largely offset the settlement gains, resulting in breakeven to small loss.
Shimmick Corp. (NASDAQ: SHIM) announced Q2 2024 results and provided an update on its transformation plan. Key highlights include:
- Revenue of $91 million, including $84 million from Shimmick Projects and a $23 million reduction in Legacy Projects revenue due to a settlement
- Net loss of $51 million and Adjusted EBITDA loss of $40 million
- Backlog of over $923 million, with 80% being Shimmick Projects
- Settlement agreement on a Legacy Loss Project, resulting in $33 million additional liquidity
- Sale of Tracy Equipment Yard for $20.5 million, with net proceeds used to repay debt
The company is focusing on the California water and critical infrastructure market, implementing initiatives to improve bidding, right-size costs, and redefine its operating model. Shimmick Projects revenue is expected to remain flat for FY2024, with gross margin between 4-9%.
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