Shimmick Corp. (NASDAQ: SHIM) shares jumped Tuesday, as the company, a leading water infrastructure company, today announced financial results for the third quarter ended September 27, 2024.
The Irvine, Calif.-based company reported a settlement in its Golden Gate Bridge Project which will result in $97 million of cash collected before the end of 2024 and is the last major outstanding legal claim related to its Legacy Projects.
Under the terms of the settlement, SDJV will receive total settlement proceeds of $97 million, a contract change order for reduced scope of work of $6 million and a contract change order for extension of project completion and costs incurred on the GGB Project.
Shimmick also announced the hiring of Ural Yal as Chief Executive Officer to replace Steve Richards who is retiring after a 43-year career.
Revenue was reported at $166 million, which includes $101 million of Shimmick Project revenue.
The company also reported Shimmick Project gross margin of 6% for the quarter, the highest gross margin reported year-to-date. It recognized a net loss of $2 million and Adjusted EBITDA of $30 million.
Shimmick also said its backlog is over $834 million as of September 27, with over 85% being Shimmick Projects.
It is also continuing to execute on Transformation Plan.
SHIM shares rocketed 47 cents, or 21.8%, to $2.63.
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