Shimmick Corporation (SHIM) Misses Q2 EPS by 172c; offers FY guidance

Shimmick Corporation (NASDAQ: SHIM) reported Q2 EPS of ($1.60), $1.72 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $91 million versus the consensus estimate of $175.65 million.

GUIDANCE

Fiscal Year 2024 Guidance

For the full 2024 fiscal year, we now expect:

After excluding Foundations Projects revenue of $64 million for the fiscal year ending December 29, 2023, Shimmick Projects revenue to remain generally flat with gross margin between 4 to 9 percent
Legacy Projects revenue of $55 to $65 million with negative gross margin of (80%) to (90%), due to the Legacy Loss Project settlement, additional costs recorded for a Legacy Loss Project related to pending change orders and other cost overruns

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

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