Shimmick Corporation (SHIM) Misses Q4 EPS by 38c ; Provides Outlook

Shimmick Corporation (NASDAQ: SHIM) reported Q4 EPS of ($0.59), $0.38 worse than the analyst estimate of ($0.21). Revenue for the quarter came in at $138 million versus the consensus estimate of $158.5 million.

Fiscal Year 2024 Guidance

As a newly public company and given the sizeable ongoing impact of the Legacy Projects, we are introducing limited guidance for 2024 covering only revenue and gross margin.

For the full fiscal year ending December 27, 2024, we expect:

Shimmick Projects revenue to grow 7 to 13 percent with gross margin between 7 to 13 percent
Legacy Projects revenue to decrease by 45 to 55 percent with negative gross margin of 5 to 10 percent

“The guidance reflects our execution on our strategy, our robust pipeline, the improving quality of our backlog, and our continued operational execution as well as our efforts to work off our Legacy Projects. We believe that our results will be back-half weighted in 2024 with further strong momentum for growth in 2025,” concluded Richards.

For earnings history and earnings-related data on Shimmick Corporation (SHIM) click here.

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