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.
