Limbach Holdings, Inc. (LMB) · Nov 3, 2026 · Earnings

Limbach earnings beat as organic growth returns, margins slip

Beat — Adjusted diluted EPS $1.37 vs ~$1.21 consensus

Limbach’s Q3 earnings beat consensus on revenue and adjusted EPS as organic growth returned, but lower margins and heavier debt temper the improvement.

Limbach is in the middle of an owner-focused growth transition: it is trying to make higher-value, recurring owner-direct work the core of a building-systems platform while expanding into data centers, life sciences and advanced manufacturing through acquisitions. The prior quarter had already reset 2026 guidance to $760–790 million of revenue and $78–84 million of Adjusted EBITDA, so this filing is mainly a test of execution against that lowered bar, not a fresh strategy reveal.

Metric	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$230.5M (+24.9%)	$184.6M	$218.6M
Adjusted diluted EPS (Adjusted EPS reconciliation)	$1.37	$1.05	$1.21
Adjusted EBITDA (Adjusted EBITDA reconciliation)	$27.4M	$21.8M
Adjusted EBITDA margin (Adjusted EBITDA reconciliation)	11.9%	11.8%
Gross margin (Segment results)	23.4%	24.2%

The quarter cleared the market’s earnings bar. Revenue of $230.5 million exceeded the published consensus of roughly $218.6 million, while adjusted diluted EPS of $1.37 topped the roughly $1.21 expectation. The quality of the revenue result also improved: organic operations contributed $26.6 million of growth, or 14.4%, rather than relying entirely on the two acquisitions completed during the quarter.

The core business is showing the recovery Limbach needed. Owner-direct revenue rose only 6.6%, but General Contractor Relationships revenue jumped 84.7%, and total organic growth returned after a weak first half. That supports management’s claim that project timing issues are easing, but the mix still matters: the faster-growing GCR work carries lower gross margins, limiting how much of the revenue beat flows through to profit.

The main offset is margin dilution from the growth strategy. Quarterly gross margin fell to 23.4% from 24.2%, and nine-month gross margin dropped to 22.5% from 26.4%. Limbach says the newly acquired businesses are operating below its historical margin profile and may take two to three years to improve, so the acquisition-led revenue acceleration is arriving before the full profitability benefit. 〔0〕

Guidance was effectively reaffirmed, not raised. Management said it is tracking at or near the high end of the existing $760–790 million revenue and $78–84 million Adjusted EBITDA ranges, but those ranges were already established in August. The incremental news is better execution and renewed organic growth, not a higher full-year target. 〔1〕

The balance sheet is carrying more acquisition risk. Limbach ended the quarter with $125 million drawn across its new PNC revolver and term loan, while cash and cash equivalents were $29.1 million. The company still had $125 million available on the revolver and a separate $50 million delayed-draw commitment, but integrating the acquisitions and improving their margins now has to justify a materially more leveraged platform.

Bottom line: This was a real execution improvement and a clear earnings beat, with organic growth returning and full-year guidance intact. It matters positively for Limbach’s operating story, but the lower-margin mix and acquisition-related debt keep it from being a decisive change in the company’s trajectory.

What to watch next

Q4 results, expected March 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Limbach earnings beat as organic growth returns, margins slip

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