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.
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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.
