Business
Willdan Group Reports Fourth Quarter/Full Year 2022 Results and Provides 2023 Outlook
ANAHEIM, Calif.--(BUSINESS WIRE)-- Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today reported financial results for its fourth quarter and fiscal year
About this update from Willdan Group, Inc.
[{"type":"text","content":" ANAHEIM, Calif.--(BUSINESS WIRE)--\nWilldan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today reported financial results for its fourth quarter and fiscal year ended December 30, 2022 and outlook for 2023.\n\n“In the fourth quarter, we achieved organic revenue growth of over 20% over the prior year,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “Our energy efficiency, construction management, and civil engineering businesses, all performed very well in the fourth quarter and we successfully navigated several CA IOU contract changes. This fourth quarter momentum, and our start to the new year, underlies our expectation that 2023 will be a strong year.”\n\nFourth Quarter 2022 Highlights\n\n\nConsolidated contract revenue was $113.3 million compared to $92.2 million in the fourth quarter of 2021, a 23% increase.\n\n\nNet revenue* was $64.6 million compared to $51.8 million in the fourth quarter of 2021, a 25% increase.\n\n\nNet loss of $(0.4) million compared to a net loss of $(0.9) million in the fourth quarter of 2021, a 52% improvement.\n\n\nAdjusted EBITDA* was $11.8 million compared to $9.4 million in the fourth quarter of 2021, a 25% increase.\n\n\nGAAP EPS was $(0.03) per diluted share compared to $(0.07) per diluted share in the fourth quarter of 2021, a 57% improvement.\n\n\nAdjusted Diluted EPS* was $0.36 per share compared to $0.47 per share in the fourth quarter of 2021, a 23% decrease.\n\n\nFiscal Year 2022 Highlights\n\n\nConsolidated contract revenue was $429.1 million compared to $353.8 million in 2021, a 21% increase.\n\n\nNet revenue* was $226.6 million compared to $201.5 million in 2021, a 12% increase.\n\n\nNet loss of $(8.4) million compared to a net loss of $(8.4) million in 2021.\n\n\nAdjusted EBITDA* was $23.3 million compared to $27.5 million in 2021, a 15% decrease.\n\n\nGAAP EPS was $(0.65) per diluted share compared to $(0.68) per diluted share in 2021, a 4% improvement.\n\n\nAdjusted Diluted EPS* was $0.88 per share compared to $1.55 per share in 2021, a 43% decrease.\n\n\nFiscal Year 2023 Financial Targets\n\n\nNet revenue* growth between 7% and 9%.\n\n\nAdjusted Diluted EPS* between $1.24 per share and $1.32 per share.\n\n\nAdjusted EBITDA* between $35 million and $39 million.\n\n\n*See “Use of Non-GAAP Financial Measures” below.\nThe financial targets above assume no change in the cu...