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Mar 29, 2024
Willdan Group Q1 2024 Earnings Report
Willdan Group's first quarter 2024 results exceeded expectations, driven by strength in both government and utility customers, plus strong software sales.
Key Takeaways
Willdan Group reported an excellent first quarter with revenue, profitability, earnings, and cash flow above expectations. The company saw strength in both government and utility customers, plus strong software sales, with the rapid growth in electricity demand from artificial intelligence and data centers becoming a new catalyst in their market.
Consolidated contract revenue increased by 19.4% to $122.5 million.
Net revenue increased by 11.7% to $68.9 million.
Net income increased to $2.9 million, up from $0.9 million.
Adjusted EBITDA increased by 11.7% to $11.0 million.
Willdan Group
Willdan Group
Willdan Group Revenue by Segment
Forward Guidance
The company reaffirmed its 2024 financial targets.
Positive Outlook
- Net revenue between $270 million and $280 million.
- Adjusted Diluted EPS between $1.80 per share and $1.87 per share.
- Adjusted EBITDA between $48 million and $50 million.
- Assumes 14.2 million diluted shares.
- Assumes 25% effective tax rate.
Challenges Ahead
- No future acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income