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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.
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 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
- The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income