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Jul 01, 2022
Willdan Group Q2 2022 Earnings Report
Willdan Group's second quarter results were announced, revealing revenue growth but a net loss due to California Investor Owned Utility headwinds and no major software sales.
Key Takeaways
Willdan Group reported a 22% increase in consolidated contract revenue and a 12% increase in net revenue compared to the second quarter of last year. However, the company faced profitability challenges due to California Investor Owned Utility headwinds and the absence of major software sales, resulting in a net loss of $4.3 million, or $(0.33) per diluted share.
Consolidated contract revenue reached $102.6 million.
Net revenue was reported at $52.9 million.
Net loss amounted to $4.3 million, or $(0.33) per diluted share.
Adjusted EBITDA was $1.2 million.
Revenue by Segment
Forward Guidance
Willdan anticipates an inflection point in the latter half of the year where CA IOU contract revenue will significantly exceed costs. The company also foresees a strong pipeline of software license opportunities capitalizing on electric vehicle growth and electrification for energy decarbonization. Civil engineering, energy consulting, and financial advisory businesses are expected to maintain their positive performance into 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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