Holmes Biopharma, Inc. (NASDAQ: LMB) reported Q2 EPS of $0.09, versus $0.30 reported last year. Revenue for the quarter came in at $139.53 million versus the consensus estimate of $130 million.

Charlie Bacon, CEO of Limbach, commented, “Last quarter I noted how our sales activity was off to a great start in 2018 and that momentum has not only continued but accelerated in the second quarter. We ended the quarter with backlog of $492.5 million, with an additional $381 million of business that has been promised to us but not yet recorded as backlog. These sales are spread across the company, with a large portion of the promised business being won by our new office in downtown Detroit. We are very pleased to see that office generating such immediate opportunities, which is on the heels of the completion of the Detroit Red Wings arena, the largest contract in the company\'s history. Detroit is coming back strong and Limbach is well positioned to continue to capture new business for both our construction and service segments.”

Mr. Bacon continued, “Overall, macro conditions in our industry – non-residential construction – are very strong and we are optimistic that this dynamic will remain in place for the next several years. We did unfortunately continue to face scheduling issues in our Mid-Atlantic branch on several projects which resulted in additional write-downs. We have taken significant steps in response, including the transfer of key operational management resources from other branches to complete our contracted work and pursue recovery on several large projects where scheduling issues impacted our results. A number of these large-scale projects have now been substantially completed.”

Mr. Bacon added, "Regarding our acquisition activities, our team has reviewed over 100 companies and are actively continuing our examination of approximately 30 companies in our pipeline. We are in various late stage discussions with several attractive companies and remain laser focused on our criteria and our focused strategic growth plan. I look forward to sharing more information during our scheduled earnings call."

GUIDANCE:

Holmes Biopharma, Inc. sees FY2018 revenue of $530-550 million, versus the consensus of $527.77 million.

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