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Sep 30, 2022
Willdan Group Q3 2022 Earnings Report
Willdan Group's third quarter results reflected growth in contract and net revenue, driven by strong performance in construction management, civil engineering, and energy consulting businesses.
Key Takeaways
Willdan Group reported a 23.5% increase in consolidated contract revenue and an 8.2% increase in net revenue for the third quarter of 2022. Net income was $0.1 million, or $0.01 per diluted share, while adjusted EBITDA was $8.0 million.
Consolidated contract revenue increased by 23.5% to $121.4 million.
Net revenue increased by 8.2% to $58.9 million.
Net income was $0.1 million, or $0.01 per diluted share.
Adjusted EBITDA was $8.0 million.
Willdan Group
Willdan Group
Willdan Group Revenue by Segment
Forward Guidance
The Company re-affirms financial targets as follows:
Positive Outlook
- Net revenue growth of at least 10%
- Adjusted EBITDA margin (as percent of net revenue) of at least 10%
Challenges Ahead
- Willdan’s ability to adequately complete projects in a timely manner
- Willdan’s ability to compete successfully in the highly competitive energy services market
- Willdan’s reliance on work from its top ten clients
- Changes in state, local and regional economies and government budgets
- Willdan’s ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes
Revenue & Expenses
Visualization of income flow from segment revenue to net income