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Shimmick Drops 39% After Q2 Report

Deal with Corp of Engineers cuts revenue

Shares of Irvine-based Shimmick Corp., a builder of water infrastructure projects, fell 39% after reporting second-quarter results (Nasdaq: SHIM).

After a settlement with the U.S. Army Corp of Engineers regarding a dam project, Shimmick said it expects to be paid $33 million. The deal, however, forced Shimmick to reduce its second-quarter revenue by $23 million. Shimmick’s revenue of $91 million was missed by $33 million the average of two analysts for $124.2 million. Its adjusted loss per share was $1.60, far above the 28-cent loss expected by the two analysts.

“We have made progress to a more capital-light focused business focused on capturing the growth opportunity in the California water and critical infrastructure market,” Shimmick Chief Executive Steve Richards said in a statement.

Shares in after-hours trading fell to $2 each. They were unchanged at $3.28 during regular trading with a $101 million market cap.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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