Mission Statement, Vision, & Core Values (2024) of Limbach Holdings, Inc. (LMB)

An Overview of Limbach Holdings, Inc. (LMB)

General Summary of Limbach Holdings, Inc. (LMB)

Limbach Holdings, Inc. was formed on July 20, 2016, through a business combination with Limbach Holdings LLC. Headquartered in Warrendale, Pennsylvania, the company is a building systems solutions firm that specializes in mechanical, electrical, and plumbing infrastructure. Limbach operates in various vertical markets, including healthcare, industrial manufacturing, data centers, life sciences, higher education, and cultural entertainment. As of 2024, Limbach has over 1,300 employees across 19 offices primarily located in the Eastern and Midwest regions of the United States.

The company provides comprehensive facility services, combining engineering solutions with field installation expertise, thereby offering custom solutions to building owners. As of 2024, Limbach reported total sales of approximately $375.1 million for the nine months ended September 30, 2024.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Limbach Holdings reported record-breaking revenue of $375.1 million for the nine months ended September 30, 2024, up from $373.7 million for the same period in 2023. The revenue for the third quarter of 2024 was $133.9 million, compared to $127.8 million in the third quarter of 2023.

Key financial metrics from the latest reports include:

The company’s backlog as of September 30, 2024, was $371.3 million, with $209.8 million in Owner Direct Relationships (ODR) and $161.5 million in General Contractor Relationships (GCR).

Introduction to Limbach Holdings as an Industry Leader

Limbach Holdings, Inc. is recognized as a leader in the building systems solutions industry, leveraging its extensive experience and capabilities in mechanical, electrical, and plumbing services. The firm has established a robust market presence through strategic acquisitions and a focus on high-margin projects. The company’s commitment to quality and customer satisfaction has positioned it favorably in a competitive landscape, enabling it to secure significant contracts across diverse sectors.

With a strong emphasis on innovation and efficiency, Limbach continues to expand its market share and enhance its service offerings, paving the way for sustained growth in the years ahead.

Mission Statement of Limbach Holdings, Inc. (LMB)

Mission Statement of Limbach Holdings, Inc. (LMB)

The mission statement of Limbach Holdings, Inc. emphasizes its commitment to delivering high-quality building systems solutions and becoming an indispensable partner to building owners. This mission guides the company in achieving its long-term goals while aligning with its core values.

Core Components of the Mission Statement

1. Commitment to Quality

Limbach Holdings, Inc. prioritizes the delivery of high-quality products and services. The company’s focus on quality is reflected in its operational metrics. For instance, in the nine months ended September 30, 2024, Limbach reported a gross profit of $100.71 million on revenues of $375.13 million, indicating a gross margin of approximately 26.8%.

2. Strong Partnership with Building Owners

The mission highlights the importance of fostering long-term relationships with building owners. Limbach operates primarily in the Eastern and Midwest regions of the United States, leveraging its network of over 1,300 team members across 19 offices. In fiscal year 2023, the company achieved a balanced revenue mix between its Owner Direct Relationships (ODR) and General Contractor Relationships (GCR) segments, achieving a 50/50 split.

3. Sustainable and Efficient Building Environments

Limbach is dedicated to enabling sustainable and efficient building environments. The company’s strategy includes investing in workforce development and acquiring synergistic businesses to enhance its service offerings. As of September 30, 2024, Limbach’s total assets were reported at $324.42 million, up from $304.44 million at the end of 2023, reflecting its growth and commitment to operational efficiency.

This data underscores Limbach's commitment to quality, partnership with building owners, and dedication to sustainability within its mission statement, positioning the company for continued growth and success in the building systems solutions sector.

Vision Statement of Limbach Holdings, Inc. (LMB)

Vision Statement of Limbach Holdings, Inc. (LMB)

The vision statement of Limbach Holdings, Inc. is centered around becoming an indispensable partner to building owners by providing critical mechanical, electrical, and plumbing infrastructure solutions. As of 2024, the company aims to lead in building systems solutions across various vertical markets.

Limbach Holdings seeks to establish itself as a leader in the building systems market. In 2024, the company operates in six key verticals: healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment. The company’s focus on these sectors is supported by a workforce of over 1,300 employees across 19 offices in the Eastern and Midwest regions of the United States.

As of September 30, 2024, Limbach reported a total revenue of $375.1 million for the nine months ended, reflecting a slight increase from $373.7 million in the same period of 2023. The company achieved a net income of $21.0 million, compared to $15.5 million for the same nine-month period in the previous year. This growth underscores the effectiveness of Limbach's strategic initiatives aimed at enhancing its market position.

Commitment to Innovation

Limbach is dedicated to innovation in its service delivery. The company integrates engineering solutions with field installation expertise, enabling it to deliver customized solutions that meet the specific needs of its clients. This commitment to innovation is critical in maintaining a competitive edge in a rapidly evolving industry.

To support its vision, Limbach has made significant investments in technology and equipment. For the nine months ended September 30, 2024, the company reported capital expenditures of approximately $6.2 million, focusing on tools, equipment, and software enhancements. This investment is aimed at improving operational efficiencies and service delivery capabilities.

Customer-Centric Approach

Limbach's vision emphasizes a customer-centric approach, ensuring that the needs of building owners are prioritized. This approach is reflected in the company's Owner Direct Relationships (ODR) segment, which focuses on direct service to building owners. As of September 30, 2024, the ODR backlog totaled $209.8 million, an increase from $147.0 million at the end of 2023. This growth indicates strong demand for Limbach's services and reinforces its commitment to building lasting relationships with clients.

The General Contractor Relationships (GCR) backlog as of September 30, 2024, was $161.5 million, down from $186.9 million at the end of 2023. The intentional reduction in GCR backlog aligns with Limbach's strategy to focus on higher-margin projects.

Sustainability and Social Responsibility

Limbach Holdings is also committed to sustainability and social responsibility, aiming to implement environmentally friendly practices in its operations. The company’s focus on sustainability is increasingly important in light of growing regulatory and consumer expectations regarding environmental practices. This commitment is integrated into its business strategy and operational practices.

Looking ahead, Limbach Holdings aims to leverage its market position and operational capabilities to expand its footprint. The company is optimistic about its financial health, with total available funding capacity of $86.9 million as of September 30, 2024, which includes cash and cash equivalents of $51.2 million and borrowing capacity under its credit agreement. This financial flexibility supports Limbach's growth initiatives and strategic investments moving forward.

Overall, Limbach Holdings, Inc. continues to work towards its vision of being a premier partner for building systems solutions, driven by a commitment to innovation, customer satisfaction, and sustainability.

Core Values of Limbach Holdings, Inc. (LMB)

Integrity

Integrity is the cornerstone of Limbach Holdings, Inc.'s operations. The company emphasizes honesty and transparency in all its dealings, which fosters trust with clients, partners, and employees. Limbach has implemented a strict code of ethics that guides employee behavior, ensuring that all actions align with the company's values.

In 2024, Limbach's commitment to integrity is exemplified through its compliance programs, which include regular ethics training sessions for employees. The company reported a 100% compliance rate in its annual ethics training, ensuring that all team members are well-versed in the company's standards for ethical conduct.

Collaboration

Collaboration is vital for Limbach, enabling the company to leverage diverse expertise and perspectives. This core value promotes teamwork among its 1,300 team members across various offices. By fostering an environment of open communication and mutual respect, Limbach enhances its project outcomes.

One notable initiative is the Cross-Functional Team Program, launched in 2023, which encourages collaboration across different departments. The program has resulted in a 15% increase in project efficiency and a 20% reduction in project completion times, showcasing the effectiveness of collaborative efforts.

Excellence

Excellence drives Limbach to consistently deliver high-quality services. The company sets rigorous standards for performance, ensuring that its employees are equipped with the necessary skills and resources to excel in their roles. Limbach's focus on excellence is reflected in its customer satisfaction ratings, which have averaged above 90% in recent surveys.

In 2024, Limbach launched the Excellence in Service Program, aimed at enhancing service delivery across all projects. This initiative has resulted in a 25% increase in repeat business from satisfied customers, further solidifying Limbach's reputation as a leader in the building systems solutions industry.

Innovation

Innovation is at the heart of Limbach's strategy, enabling the company to adapt to changing market demands. By investing in new technologies and methodologies, Limbach enhances its service offerings and operational efficiency. In 2024, the company allocated $2 million towards research and development initiatives.

The introduction of the Smart Building Solutions program, which integrates advanced technology into building management systems, has positioned Limbach as a pioneer in the industry. This innovation has led to a 30% reduction in energy costs for clients utilizing these solutions, demonstrating the tangible benefits of Limbach's commitment to innovation.

Sustainability

Sustainability reflects Limbach's commitment to environmentally responsible practices. The company has implemented various initiatives aimed at reducing its carbon footprint and promoting energy-efficient solutions for clients. In 2024, Limbach achieved a 40% reduction in greenhouse gas emissions compared to the previous year.

Through the Green Building Initiative, Limbach partners with clients to design and implement sustainable building systems. This initiative has resulted in the completion of over 50 green projects in 2023 alone, reinforcing Limbach's position as a leader in sustainable building solutions.

Updated on 16 Nov 2024

Resources:

1. Limbach Holdings, Inc. (LMB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Limbach Holdings, Inc. (LMB)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Limbach Holdings, Inc. (LMB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.