Business
Willdan Group Reports Fourth Quarter/Full Year 2023 Results and Provides 2024 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 29, 2023 and outlook for 2024.\n\n\n“We had an exceptional fourth quarter,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “Revenue, profitability and cash flow were above our expectations, aided by end of year program expansions. Strong performance throughout Willdan capped a record year and positions us for an outstanding 2024.”\n\n\nFourth Quarter 2023 Highlights*\n\n\n\nConsolidated contract revenue of $155.7 million, up 37.5%.\n\n\n\nNet revenue** of $80.8 million, up 25.1%.\n\n\n\nNet income of $8.0 million, up from net loss of $(0.4) million.\n\n\n\nAdjusted EBITDA** of $17.5 million, up 48.2%.\n\n\n\nGAAP Diluted EPS of $0.58, up from $(0.03).\n\n\n\nAdjusted Diluted EPS** of $0.80, up from $0.36.\n\n\n\nFiscal Year 2023 Highlights*\n\n\n\nConsolidated contract revenue of $510.1 million, up 18.9%.\n\n\n\nNet revenue** of $269.7 million, up 19.0%.\n\n\n\nNet income of $10.9 million, up from net loss of $(8.4) million.\n\n\n\nAdjusted EBITDA** of $45.7 million, up 96.3%.\n\n\n\nGAAP Diluted EPS of $0.80, up from $(0.65).\n\n\n\nAdjusted Diluted EPS** of $1.75, up from $0.88.\n\n\n\nFiscal Year 2024 Financial Targets\n\n\n\nNet revenue** between $270 million and $280 million.\n\n\n\nAdjusted Diluted EPS** between $1.80 per share and $1.87 per share.\n\n\n\nAdjusted EBITDA** between $48 million and $50 million.\n\n\n\nAssumes 14.2 million diluted shares, 25% effective tax rate, and no future acquisitions.\n\n\n\n\n*As compared to the same period of fiscal 2022.\n\n\n\n\n\n\n\n\n**See “Use of Non-GAAP Financial Measures” below.\n\n\n\n\n\n\n\nFourth Quarter 2023 Conference Call\n\n\nWilldan will be hosting a conference call to discuss its fourth quarter and full fiscal year 2023 financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923) approximately five minutes prior to the scheduled start time. The conference call will be webcast simultaneously on Willdan’s website at https://edge.media-server.com/mmc/p/7gbp5syv.\n\n\nA replay of the conference call will be available through Willdan’s website at https://ir.willdangroup.com/events-presentations.\n\n\nAn Inves...