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 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%.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has updated its second quarter 2024 earnings conference call date. The call will now take place on Friday, August 16, 2024, at 8:30am ET, instead of the previously scheduled Thursday, August 15. The company will still release its Q2 2024 results after market close on August 15, as originally planned.
Investors can access the call by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until September 6, 2024. Additionally, a simultaneous webcast will be accessible on the company's Investor Relations website.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has announced its upcoming second quarter 2024 earnings release and conference call. The financial results will be released after the market close on Thursday, August 15, 2024, followed by a conference call at 5:00 p.m. Eastern Time on the same day.
Investors can access the call by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international). A replay will be available until September 5, 2024, by dialing (877)-660-6853 or (201)-612-7415 (international) with passcode 13748447. Additionally, a simultaneous webcast will be available on the company's Investor Relations website.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, has been named an Engineering-News Record Top 400 Contractor, ranking No. 193 with $656 million in annual revenue. The company also secured the No. 43 spot as a Top 50 Heavy Domestic contractor with $611 million in domestic heavy revenue.
Shimmick's ranking reflects its growing focus on water infrastructure projects, including a $248.5 million Regional Water Reclamation Facility Expansion project in Lake Elsinore, CA, a $68.1 million Laguna Treatment Plant Disinfection Improvements Project in Santa Rosa, CA, and a $114.4 million U.S. Army Corps of Engineers Folsom Main, Left Wing and Right-Wing Dams project. These initiatives underscore the company's commitment to addressing critical water challenges and expanding its presence in the water infrastructure sector.
Shimmick (Nasdaq: SHIM) has secured a $27.6 million subcontract for electrical work on the Sunol Valley Water Treatment Plant Ozonation project. This is part of a larger $234.8 million prime contract awarded to J.F. Shea Construction by the San Francisco Public Utilities Commission. The project, located in Sunol, Alameda County, aims to improve water quality for millions of Bay Area residents.
Shimmick's scope includes installing high-voltage power systems, instrumentation, and controls for the new ozonation facility. The project involves constructing an Ozone Generator Building, an Ozone Contact Basin, and supporting systems. This ozonation system will provide additional primary disinfection, improve treatment reliability, and offer protection against potential emerging contaminants.
Shimmick (Nasdaq: SHIM), a leading water infrastructure company, announced a key leadership change on June 21, 2024. Amanda Mobley has been promoted to interim Chief Financial Officer, replacing Devin Nordhagen, who is stepping down to pursue other interests. Devin will assist with the transition. Amanda has been with Shimmick since 2011 and has extensive experience in financial management roles. She previously worked as an Audit Manager for KPMG, focusing on public financial companies. Shimmick's CEO, Steve Richards, expressed confidence in Amanda's capacity to drive the company's next growth phase.
Shimmick, a leading water infrastructure company, has announced several strategic actions to enhance liquidity and drive transformation. The company has signed a $17.5 million asset purchase agreement for its foundation drilling assets, expected to close by the end of the week. Shimmick has also amended its credit facility with MidCap to cure a previously disclosed default. The quarterly report for March 29, 2024, will be filed with no changes to financial results. A settlement has been reached with AECOM regarding a lawsuit, and Peter Kravitz joins the board as an independent member. Additionally, Shimmick has secured a new $60 million revolving credit facility.
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