Business
Willdan Group Reports Second Quarter 2024 Results
ANAHEIM, Calif.--(BUSINESS WIRE)-- Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today reported financial results for its second quarter ended June 28,
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 28, 2024.\n\n\nSecond Quarter 2024 Highlights*\n\n\n\nContract revenue of $141.0 million, up 18.4%.\n\n\n\nNet revenue** of $72.5 million, up 17.0%.\n\n\n\nNet income of $4.6 million, up from net income of $0.4 million.\n\n\n\nAdjusted EBITDA** of $12.8 million, up 56.2%.\n\n\n\nGAAP Diluted EPS of $0.33, up from $0.03.\n\n\n\nAdjusted Diluted EPS** of $0.55, up from $0.26.\n\n\n\nRecent Notable Wins\n\n\n\nMeta (formerly Facebook) contract to study emissions related to voluntary clean energy procurement\n\n\n\nState of Virginia contract to perform analysis on grid impact from increased energy demand\n\n\n\nCity of Paramount, CA contract for solar, storage, and EV charging infrastructure\n\n\n\nExecutive Management Comments\n\n\n“We had a strong second quarter, exceeding consensus estimates and our own expectations,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “The electric load growth macrotrend strengthened over the quarter, fueled by growth in electricity demand at data centers from artificial intelligence. Given the results for the first half of 2024 and the current momentum, we are raising our full year targets for fiscal 2024.”\n\n\nSix Months Year to Date 2024 Highlights*\n\n\n\nContract revenue of $263.5 million, up 18.9%.\n\n\n\nNet revenue** of $141.4 million, up 14.4%.\n\n\n\nNet income of $7.5 million, up from net income of $1.3 million.\n\n\n\nAdjusted EBITDA** of $23.9 million, up 31.9%.\n\n\n\nGAAP Diluted EPS of $0.54, up from $0.10.\n\n\n\nAdjusted Diluted EPS** of $0.95, up from $0.58.\n\n\n\nFiscal Year 2024 Financial Targets\n\n\nWilldan is increasing all of its financial targets for fiscal year 2024 and now expects¥:\n\n\n\nNet revenue** between $280 million and $290 million.\n\n\n\nAdjusted EBITDA** between $50 million and $52 million.\n\n\n\nAdjusted Diluted EPS** between $2.00 per share and $2.10 per share.\n\n\n\nAssumes 14.2 million diluted shares, 14% effective tax rate, and no future acquisitions.\n\n\n\n\n*As compared to the same period of fiscal 2023.\n\n\n\n\n\n\n\n\n**See “Use of Non-GAAP Financial Measures” below.\n\n\n\n\n\n\n\n\n¥These updated financial targets supersede any previously disclosed financial targets and invest...