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) generates news primarily through its activity in complex infrastructure markets, particularly water, wastewater, electrical, and transportation projects. As a construction-sector company focused on water and sewer line and related structures construction and other critical infrastructure, Shimmick’s announcements often highlight new contracts, preferred bidder status on major projects, and updates on its strategic shift toward water, climate resilience, energy transition, and sustainable transportation.
Visitors to this SHIM news page can review company-issued press releases covering topics such as awards for water reclamation plant upgrades, river and weir modification projects, wastewater pump stations, cruise terminal shore power infrastructure, and transit center and bridge replacement work. The company also reports on the growth of its electrical business, including the launch and activities of its Axia Electric subsidiary, which focuses on electrical and power distribution solutions across multiple infrastructure markets.
In addition to project wins, Shimmick regularly publishes quarterly earnings releases that discuss revenue, gross margin, backlog, and the performance of Shimmick Projects compared with Non-Core Projects. These updates provide insight into how the company’s strategic focus on core infrastructure markets is reflected in its financial results and backlog trends.
Investors and observers can use this news feed to follow Shimmick’s evolving project portfolio, its role in climate resiliency and sustainable transportation initiatives, and its capital markets activities, including financing arrangements and at-the-market equity offerings disclosed in company communications.
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.
Shimmick Corp. (NASDAQ: SHIM), a leading water infrastructure company, reported first-quarter 2024 financial results, including $120 million in revenue, and $90 million from Shimmick Projects. The company experienced a net loss of $33 million and an Adjusted EBITDA loss of $24 million. Legacy backlog revenue decreased to $23 million from $56 million last year, resulting in a negative gross margin of $11 million. Shimmick announced the sale of non-core assets for $39 million and a plan to reduce future capital expenditures. The backlog stands at over $1 billion, with 83% comprising Shimmick Projects. Shimmick also won new projects, including an ozonation water project and a drainage system for over 10,000 acres. The company expects to delay filing its Quarterly Report on Form 10-Q due to ongoing negotiations with MidCap over compliance with credit facility covenants. CEO Steve Richards noted progress in evolving the business, despite challenges with legacy loss projects. Results are based on preliminary data, subject to further review.
Shimmick , a leading water infrastructure company, will release its first quarter 2024 results on May 13, 2024, followed by a conference call. Investors can access the call via phone or webcast. The company's stock symbol is SHIM on Nasdaq.
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