Willdan Group Q4 2020 Earnings Report
Key Takeaways
Willdan Group reported a decrease in consolidated contract revenue and net revenue for Q4 2020, primarily due to the COVID-19 pandemic. The company experienced a net loss of $4.0 million, or $(0.33) per diluted share, compared to a net income of $3.2 million, or $0.27 per diluted share, for the fourth quarter of 2019.
Consolidated contract revenue decreased by 25.1% to $96.9 million.
Net revenue decreased by 16.8% to $50.8 million.
Net loss was $4.0 million, or $(0.33) per diluted share.
Adjusted EBITDA was $8.6 million, representing 16.9% of net revenue.
Willdan Group
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Willdan Group Revenue by Segment
Forward Guidance
Willdan was awarded California Investor Owned Utility (“IOU”) contracts that, on a weighted average basis, represent approximately $150 million per year in incremental contract revenue in the next three to five years if we successfully execute the work. These new wins solidify our market position in California and we believe are large enough to drive double digit organic growth potential for the next two years.