Willdan ( (WLDN) ) has released its Q3 earnings. Here is a breakdown of the information Willdan presented to its investors.
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Willdan Group, Inc. is a comprehensive provider of professional, technical, and consulting services to utilities, government agencies, and private industry, specializing in energy efficiency, sustainability, and engineering solutions. In its latest earnings report for the third quarter of 2024, Willdan announced notable improvements across multiple financial metrics. The company reported a substantial increase in contract revenue to $158.3 million, marking a 19.2% growth compared to the previous year. Net income surged to $7.3 million from $1.6 million, and adjusted EBITDA rose by 49.7% to $15.2 million.
The earnings report highlighted a significant rise in Willdan’s GAAP Diluted EPS, which climbed to $0.51 from $0.11, and Adjusted Diluted EPS increased to $0.73 from $0.37. These results were driven by the growing demand for the company’s energy transition services, fueled by advancements in electrification. Additionally, Willdan’s strategic acquisition of Enica Engineering is expected to bolster its presence in the commercial sector, particularly within pharmaceutical, healthcare, and research industries.
For the first nine months of 2024, Willdan reported contract revenue of $421.7 million, a 19% increase, and net revenue of $217.1 million, up by 14.9%. The company’s net income for this period reached $14.9 million, significantly higher than the $2.9 million reported for the same period in 2023. Furthermore, Willdan has raised its full-year financial targets, projecting net revenue between $285 million and $295 million, and adjusted EBITDA of $52 million to $54 million.
Looking ahead, Willdan’s management remains optimistic about the company’s growth prospects, supported by its strong third-quarter performance and strategic initiatives. The company continues to focus on expanding its energy transition services and leveraging its acquisition to drive further growth in the commercial sector.
