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Sep 27, 2024
Willdan Group Q3 2024 Earnings Report
Willdan Group's Q3 2024 results showed significant growth across various financial metrics.
Key Takeaways
Willdan Group reported a strong third quarter in 2024, with revenue and earnings exceeding expectations. The company saw significant increases in contract revenue, net revenue, net income, and Adjusted EBITDA. As a result of this strong performance, Willdan is raising its full-year targets for fiscal year 2024.
Contract revenue increased by 19.2% to $158.3 million.
Net revenue increased by 15.9% to $75.7 million.
Net income rose to $7.3 million, a significant increase from $1.6 million.
Adjusted EBITDA increased by 49.7% to $15.2 million.
Revenue by Segment
Forward Guidance
Willdan is increasing all of its financial targets for fiscal year 2024.
Positive Outlook
- Net revenue between $285 million and $295 million.
- Adjusted EBITDA between $52 million and $54 million.
- Adjusted Diluted EPS between $2.15 per share and $2.25 per share.
- Assumes 14.2 million diluted shares.
- Assumes 14% effective tax rate.
Challenges Ahead
- Guidance does not include any uncompleted or future acquisitions.
- Inability to reconcile targeted contract revenue for fiscal year 2024 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2024.
- The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the subcontractor services and other director costs that are subtracted from contract revenues in order to derive Net Revenues.
- Inability to reconcile targeted net income for fiscal year 2024 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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