Shares of Shimmick Corporation (NASDAQ: SHIM) experienced notable bullish momentum in the previous trading session, closing at $4.94 after an impressive 49.24% increase. This significant rise occurred despite the absence of pertinent news, suggesting that recent developments might have influenced the stock’s performance.
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Industry Recognition and Revenue Milestones
With an annual revenue of $656 million, Shimmick (SHIM) recently achieved the 193rd position and was recognized as one of the Engineering-News Record Top 400 Contractors. The business was also listed as one of the Top 50 Heavy Domestic Contractors, placing 43rd overall with $611 million in heavy domestic revenue. Shimmick has continuously placed in the top 200 contractors and the top 50 domestic heavy contractors in North America since becoming an independent company in 2021.
Current Initiatives and Strategic Priorities
Shimmick’s rating is indicative of its growing focus on projects related to water infrastructure. Key undertakings include the $248.5 million Regional Water Reclamation Facility Expansion project in Lake Elsinore, CA, aimed at upgrading water treatment capabilities through new and modified facilities.
Furthermore, Shimmick is involved in the $68.1 million Laguna Treatment Plant Disinfection Improvements Project in Santa Rosa, CA, which focuses on replacing an outdated ultraviolet light disinfection system and enhancing effluent management infrastructure.
The company is also participating in a joint venture on a $114.4 million contract with the U.S. Army Corps of Engineers for the Folsom Main, Left Wing, and Right-Wing Dams project. This initiative is geared towards flood risk management and structural improvements, highlighting Shimmick’s dedication to tackling critical water challenges and reinforcing its presence in the water infrastructure sector.
Commitment to Engineering Excellence
Being named among the Engineering-News Record Top 400 Contractors underscores Shimmick’s commitment to sustaining a strong engineering footprint, particularly within the United States. Furthermore, Shimmick recently won a $27,583,595 subcontract for the Ozonation project at the Sunol Valley Water Treatment Plant, specifically for electrical work.
This prime contract, valued at $234,782,000 and awarded to J.F. Shea Construction, Inc. by the San Francisco Public Utilities Commission (SFPUC) on May 14, 2024, includes installing high-voltage power systems and controls for the new ozonation facility.
