Shimmick Corporation (SHIM) Misses Q1 EPS by $1.07, reaffirms guidance

Shimmick Corporation (NASDAQ: SHIM) reported Q1 EPS of ($1.15), $1.07 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $120 million versus the consensus estimate of $166.5 million.

Fiscal Year 2024 Guidance

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

After excluding Foundations Projects revenue of $64 million for the fiscal year ending December 29, 2023, Shimmick Projects revenue to grow 7 to 13 percent with gross margin between 7 to 13 percent, trending toward the lower end of the range for gross margin
Legacy Projects revenue to decrease by 45 to 55 percent with negative gross margin of 5 to 10 percent, trending toward the lower end of the range (negative 10 percent) for gross margin due to additional costs recorded in the quarter for a Legacy Loss Project related to pending change orders and other cost overruns

The guidance assumes we are able to obtain a waiver from MidCap on the Revolving Credit Facility.

“The guidance continues to reflect 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 remaining Foundations Projects and Legacy Projects. We believe that our results will be back-half weighted in 2024 with further strong momentum for growth in 2025,” said Devin Nordhagen, Chief Financial Officer of Shimmick.

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

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