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.
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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.
