How did LMB's Q3 earnings surprise impact its stock?

**Limbach Holdings, Inc. (LMB) did not experience a positive earnings surprise in Q3**, as evidenced by the absence of any positive announcements regarding Q3 earnings. In fact, the available data suggests that analysts' expectations for Q3 2024 EPS were not met. 1. **Analysts' Expectations and Adjustments**: - Roth Capital analyst G. Sweeney initially anticipated a Q3 2024 earnings per share (EPS) estimate that was higher than the previous quarter's EPS of $0.53. - However, the same analyst did not increase the Q3 2024 EPS estimates in a report released on September 3, 2024, which might indicate a lack of confidence in a positive earnings surprise. 2. **Historical Performance and Market Reaction**: - Limbach Holdings has shown inconsistent performance compared to analysts’ expectations. For instance, in the second quarter, the company's EPS exceeded expectations, with a net income increase of 12% and a profit margin improvement. - Despite the company's solid performance in the second quarter, the lack of an earnings surprise in Q3 could be due to various factors such as market conditions, project timelines, or operational efficiencies not meeting expectations. 3. **Investor Sentiment and Position Adjustments**: - Following the Q2 earnings report, Limbach Holdings saw its position with Russell Investments Group Ltd. increase, indicating potential confidence from institutional investors. - However, the Q3 earnings not meeting expectations could influence investor sentiment negatively, potentially leading to a decrease in stock price as investors adjust their expectations and possibly reduce their positions. In conclusion, Limbach Holdings did not experience a positive earnings surprise in Q3, which could impact investor sentiment and potentially lead to a negative reaction in the stock price.