Limbach Holdings shares jump after third-quarter revenue and earnings beat

Limbach Holdings reported third-quarter profit and revenue ahead of analyst expectations. Adjusted earnings were $1.37 a share versus the $1.21 FactSet consensus, and revenue rose to $230.5 million from $184.6 million, beating the $218.6 million consensus. Shares rose 19% to $59.54 after hours; the stock closed up 6.4% at $49.92 and is down 36% this year. CEO Michael McCann said improving customer activity and a return to organic growth in the owner-direct business drove results, and that project timing issues discussed earlier this year are beginning to ease. Limbach reaffirmed full-year revenue and adjusted EBITDA guidance and said it is tracking toward the high end of those ranges.