Shimmick Corporation reported a net loss of $2 million for the third quarter ended September 27, 2024, a decrease of $36 million compared to a net income of $34 million in the prior year period. Diluted loss per common share was $(0.05) for Q3 2024, compared to diluted income per common share of $1.58 for the same period in 2023. This was primarily due to a $16 million ERP pre-implementation asset impairment charge and a $13 million decrease in gain on asset sales.
Revenue from 'Shimmick Projects' decreased by $9 million to $101 million, with gross margin declining by $9 million to $6 million, primarily due to lower activity on winding down jobs. 'Legacy Projects' revenue was flat at $54 million, but gross margin increased by $5 million to $8 million, largely due to the Golden Gate Bridge Project settlement. 'Foundations Projects' revenue decreased to $11 million, with a gross loss of $(2) million.
The company provided fiscal year 2024 guidance, expecting revenue between $400 million and $425 million, a net loss between $(50) million and $(40) million, and Adjusted EBITDA between $10 million and $20 million. Adjusted EBITDA for Q3 2024 was $30 million, down from $42 million in Q3 2023. The ERP charge resulted from a strategic decision to enhance the current ERP system rather than implementing a new platform.
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