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Jun 28, 2024
Willdan Group Q2 2024 Earnings Report
Willdan Group's second quarter results were released, demonstrating significant growth in revenue and profitability.
Key Takeaways
Willdan Group reported a strong second quarter with contract revenue up 18.4% and net revenue up 17.0%. Net income increased significantly, and adjusted EBITDA rose by 56.2%. The company is raising its full year targets for fiscal year 2024.
Contract revenue increased by 18.4% to $141.0 million.
Net revenue grew by 17.0% to $72.5 million.
Net income rose to $4.6 million, a significant increase from $0.4 million.
Adjusted EBITDA increased by 56.2% to $12.8 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 is increasing its financial targets for fiscal year 2024, now expecting net revenue between $280 million and $290 million, adjusted EBITDA between $50 million and $52 million, and adjusted diluted EPS between $2.00 and $2.10 per share.
Positive Outlook
- Net revenue is projected to be between $280 million and $290 million.
- Adjusted EBITDA is expected to be between $50 million and $52 million.
- Adjusted Diluted EPS is anticipated to be between $2.00 and $2.10 per share.
- Guidance assumes 14.2 million diluted shares.
- Guidance assumes a 14% effective tax rate.
Challenges Ahead
- Guidance does not include any uncompleted or future acquisitions.
- Inability to reconcile targeted contract revenue to targeted Net Revenues without unreasonable effort.
- Uncertainty in predicting subcontractor services and other director costs.
- Inability to reconcile targeted net income to Adjusted EBITDA without unreasonable effort.
- Uncertainty in predicting interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income