Business
Willdan Group Reports Second Quarter 2023 Results
ANAHEIM, Calif.--(BUSINESS WIRE)-- Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today reported financial results for its second quarter ended June 30,
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 second quarter ended June 30, 2023.\n\n\n“Our second-quarter performance was strong, continuing the momentum that we started last year,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “This strength came from all areas of our business resulting in improved profitability. Consolidated contract revenue grew 16% while net revenue grew 17%. Cash generated from operations in the first half of this year has positioned the Company to restart our acquisition program. Today we are raising our full-year guidance for all financial targets.”\n\n\nSecond Quarter 2023 Highlights*\n\n\n\nConsolidated contract revenue of $119.1 million, up 16.0%.\n\n\n\nNet revenue** of $61.9 million, up 17.1%.\n\n\n\nNet income of $0.4 million, a 109.2% improvement.\n\n\n\nAdjusted EBITDA** of $8.2 million, up 603.3%.\n\n\n\nGAAP EPS of $0.03, a 109.1% improvement.\n\n\n\nAdjusted Diluted EPS** of $0.26, up from $(0.06).\n\n\n\nSix Months Year to Date 2023 Highlights*\n\n\n\nConsolidated contract revenue of $221.7 million, up 14.0%.\n\n\n\nNet revenue** of $123.6 million, up 20.0%.\n\n\n\nNet income of $1.3 million, a 116.4% improvement.\n\n\n\nAdjusted EBITDA** of $18.1 million, up 414.8%.\n\n\n\nGAAP EPS of $0.10, a 115.9% improvement.\n\n\n\nAdjusted Diluted EPS** of $0.58, up from $0.02.\n\n\n\nFiscal Year 2023 Financial Targets¥\n\n\n\nNet revenue** growth between 9% and 10%.\n\n\n\nAdjusted Diluted EPS** between $1.30 per share and $1.35 per share.\n\n\n\nAdjusted EBITDA** between $38 million and $40 million.\n\n\n\n*As compared to the same period of fiscal 2022.\n**See “Use of Non-GAAP Financial Measures” below.\n¥ These updated financial targets supersede any previously disclosed financial targets and investors should not rely on any previously disclosed financial targets, and do not include any uncompleted or future acquisitions.\n\n\nSecond Quarter 2023 Conference Call\n\n\nWilldan will be hosting a conference call to discuss its second quarter financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 866-682-6100 (or 862-298-0702) approximately five minutes prior to the scheduled start time. The conference call will be webcast simultaneously on Willdan’s websi...