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Jul 02, 2021
Willdan Group Q2 2021 Earnings Report
Willdan Group's Q2 2021 performance was marked by a slight increase in consolidated contract revenue and a notable rise in net revenue, despite a net loss; the company focused on restarting key programs and securing new contracts.
Key Takeaways
Willdan Group reported a slight increase in consolidated contract revenue and a 9.4% increase in net revenue for Q2 2021. The company experienced a net loss of $4.6 million, but adjusted net income was $3.0 million. The company also restarted a major contract and secured new contracts expected to ramp up over the next year.
Consolidated contract revenue increased slightly by 0.7% to $84.2 million.
Net revenue increased by 9.4% to $47.3 million.
The company reported a net loss of $4.6 million, or $(0.37) per diluted share.
Adjusted EBITDA was $3.3 million.
Willdan Group
Willdan Group
Willdan Group Revenue by Segment
Revenue by Segment
Energy Revenue
CapyFin.comEngineering and Consulting Revenue
CapyFin.com Forward Guidance
Willdan anticipates double-digit organic growth in each of the next three years, supported by a strong pipeline of new contract opportunities and the expected ramp-up of new California Investor-Owned Utility contracts.
Positive Outlook
- Restarted the Los Angeles Department of Water and Power commercial direct install program on June 28th.
- California Public Utility Commission approved three contracts with Southern California Edison in late July.
- All seven of the new California Investor-Owned Utility contracts are expected to ramp over the next year.
- Company has a very strong pipeline of new contract opportunities.
- Company has confidence to achieve double-digit organic growth in each of the next three years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income