Shimmick Awarded Contract for North Hollywood to Pasadena Bus Rapid Transit Project
Project Announcement: Shimmick Construction Company has been awarded an $8.26 million contract for preconstruction services in the North Hollywood to Pasadena Bus Rapid Transit (BRT) Project, which aims to enhance transit connectivity across a 19-mile corridor with 22 new stations and zero-emission electric buses.
Collaboration and Impact: The project will focus on improving mobility for disadvantaged communities, with early utility work starting in 2025 and completion expected by 2028, emphasizing teamwork among Shimmick, Myers and Sons, and LA Metro for effective project delivery.
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Wednesday's Underperforming Sectors: Computer Peripherals and Construction Stocks
Market Performance: Construction shares are lagging behind the market, down approximately 2.3% overall.
Leading Declines: Sterling Infrastructure and Shimmick are the primary contributors to this decline, with losses of about 7.5% and 5.6%, respectively.
Sector Laggards: The report also mentions that computer peripherals are among the sectors experiencing declines on the same day.
Author's Perspective: The views expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.
Shimmick Corporation (SHIM) Reports Q2 Loss, Tops Revenue Estimates
Quarterly Performance: Shimmick Corporation reported a quarterly loss of $0.14 per share, better than the expected loss of $0.16, with revenues of $128.4 million surpassing estimates by 6.03%. The company has exceeded consensus EPS and revenue estimates three times in the last four quarters.
Market Outlook: Despite underperforming the market with a 15.4% decline this year, Shimmick's future stock performance will depend on management's commentary and earnings estimate revisions, currently holding a Zacks Rank #3 (Hold), indicating expected performance in line with the market.
Shimmick Preferred Bidder on $156 Million in New Infrastructure Contracts Across California
New Contracts Awarded: Shimmick Corporation has been selected as the preferred bidder for four contracts totaling approximately $156 million, with a significant portion allocated to electrical work, reflecting the company's growing demand for integrated infrastructure solutions.
Project Details: The projects include vital upgrades in wastewater infrastructure and electrical distribution systems across various locations in California, aimed at enhancing operational safety, reliability, and modernizing essential services.
Shimmick Secures $51 Mln Contract For Bellota Weir Project To Boost Water And Habitat In California
Contract Award: Shimmick Corporation has received a $51 million contract from the Stockton East Water District to undertake the Bellota Weir Modifications project in California, which includes building an inflatable gate weir and various ecological enhancements.
Environmental Impact: The project aims to improve water supply reliability and fish habitats along the Calaveras River, supporting conservation efforts for species like Central Valley steelhead and Chinook salmon, with construction set to begin in 2025.
Ares Commercial Finance and Ansley Park Capital Provide Asset Based and Equipment Financing to Shimmick Corporation
Financing Announcement: Ares Commercial Finance has provided a $15 million senior secured revolving line of credit and a complementary $15 million machinery and equipment term loan to Shimmick Corporation, aimed at supporting their infrastructure projects in water, energy, and sustainable transportation.
Company Background: Shimmick Corporation is a leading provider of infrastructure solutions with over 30 years of experience, focusing on enhancing critical markets while Ares Management Corporation manages approximately $546 billion in assets across various investment sectors.
PureCycle Technologies, Inc. (PCT) Reports Q1 Loss, Lags Revenue Estimates
Quarterly Performance: PureCycle Technologies reported a quarterly loss of $0.27 per share, slightly worse than the expected loss of $0.25, and revenues of $1.58 million, missing estimates by 43.57%. The company has not surpassed consensus EPS estimates in the last four quarters.
Market Outlook: The stock has declined about 36% this year, underperforming the S&P 500, and currently holds a Zacks Rank #3 (Hold), indicating it is expected to perform in line with the market. Future performance may depend on earnings estimate revisions and industry outlook.
Wednesday's Underperforming Sectors: Computer Peripherals and Construction Stocks
Market Performance: Construction shares are lagging behind the market, down approximately 2.3% overall.
Leading Declines: Sterling Infrastructure and Shimmick are the primary contributors to this decline, with losses of about 7.5% and 5.6%, respectively.
Sector Laggards: The report also mentions that computer peripherals are among the sectors experiencing declines on the same day.
Author's Perspective: The views expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.
Shimmick Corporation (SHIM) Reports Q2 Loss, Tops Revenue Estimates
Quarterly Performance: Shimmick Corporation reported a quarterly loss of $0.14 per share, better than the expected loss of $0.16, with revenues of $128.4 million surpassing estimates by 6.03%. The company has exceeded consensus EPS and revenue estimates three times in the last four quarters.
Market Outlook: Despite underperforming the market with a 15.4% decline this year, Shimmick's future stock performance will depend on management's commentary and earnings estimate revisions, currently holding a Zacks Rank #3 (Hold), indicating expected performance in line with the market.
Shimmick Preferred Bidder on $156 Million in New Infrastructure Contracts Across California
New Contracts Awarded: Shimmick Corporation has been selected as the preferred bidder for four contracts totaling approximately $156 million, with a significant portion allocated to electrical work, reflecting the company's growing demand for integrated infrastructure solutions.
Project Details: The projects include vital upgrades in wastewater infrastructure and electrical distribution systems across various locations in California, aimed at enhancing operational safety, reliability, and modernizing essential services.
Shimmick Secures $51 Mln Contract For Bellota Weir Project To Boost Water And Habitat In California
Contract Award: Shimmick Corporation has received a $51 million contract from the Stockton East Water District to undertake the Bellota Weir Modifications project in California, which includes building an inflatable gate weir and various ecological enhancements.
Environmental Impact: The project aims to improve water supply reliability and fish habitats along the Calaveras River, supporting conservation efforts for species like Central Valley steelhead and Chinook salmon, with construction set to begin in 2025.
Ares Commercial Finance and Ansley Park Capital Provide Asset Based and Equipment Financing to Shimmick Corporation
Financing Announcement: Ares Commercial Finance has provided a $15 million senior secured revolving line of credit and a complementary $15 million machinery and equipment term loan to Shimmick Corporation, aimed at supporting their infrastructure projects in water, energy, and sustainable transportation.
Company Background: Shimmick Corporation is a leading provider of infrastructure solutions with over 30 years of experience, focusing on enhancing critical markets while Ares Management Corporation manages approximately $546 billion in assets across various investment sectors.
PureCycle Technologies, Inc. (PCT) Reports Q1 Loss, Lags Revenue Estimates
Quarterly Performance: PureCycle Technologies reported a quarterly loss of $0.27 per share, slightly worse than the expected loss of $0.25, and revenues of $1.58 million, missing estimates by 43.57%. The company has not surpassed consensus EPS estimates in the last four quarters.
Market Outlook: The stock has declined about 36% this year, underperforming the S&P 500, and currently holds a Zacks Rank #3 (Hold), indicating it is expected to perform in line with the market. Future performance may depend on earnings estimate revisions and industry outlook.
