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Dec 29, 2023
Willdan Group Q4 2023 Earnings Report
Willdan Group reported an exceptional fourth quarter with revenue, profitability, and cash flow above expectations, aided by end-of-year program expansions, capping a record year and positioning the company for an outstanding 2024.
Key Takeaways
Willdan Group reported strong Q4 2023 results, with revenue, profitability, and cash flow exceeding expectations due to end-of-year program expansions. The company's performance capped a record year and sets a positive outlook for 2024.
Consolidated contract revenue increased by 37.5% to $155.7 million.
Net revenue increased by 25.1% to $80.8 million.
Net income increased to $8.0 million, a significant improvement from a net loss of $(0.4) million.
Adjusted EBITDA increased by 48.2% to $17.5 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 Group anticipates net revenue between $270 million and $280 million, adjusted diluted EPS between $1.80 and $1.87 per share, and adjusted EBITDA between $48 million and $50 million for fiscal year 2024.
Positive Outlook
- Net revenue between $270 million and $280 million.
- Adjusted Diluted EPS between $1.80 per share and $1.87 per share.
- Adjusted EBITDA between $48 million and $50 million.
- Assumes 14.2 million diluted shares.
- Assumes a 25% effective tax rate.
Challenges Ahead
- No future acquisitions are assumed.
- Uncertainty in predicting subcontractor services and other direct costs.
- Inability to provide a reconciliation of targeted contract revenue to targeted Net Revenues.
- Uncertainty in predicting interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment.
- Inability to provide reconciliations of targeted net income to targeted Adjusted Net Income and targeted diluted EPS to targeted Adjusted Diluted EPS.
Revenue & Expenses
Visualization of income flow from segment revenue to net income