Willdan(US:WLDN)2025-03-06 21:15Financial Performance - Contract revenue for fiscal year 2024 was $565.8 million, an increase of 10.9% compared to the previous year[4] - Net revenue for fiscal year 2024 reached $296.3 million, up 9.9% year-over-year[4] - Net income for fiscal year 2024 was $22.6 million, significantly up from $10.9 million in the previous year[4] - Adjusted EBITDA for fiscal year 2024 was $56.8 million, reflecting a 24.2% increase[4] - GAAP diluted EPS for fiscal year 2024 was $1.58, a remarkable increase of 97.5%[4] - Cash flow from operations for fiscal year 2024 was $72.1 million, up 83.8% compared to the previous year[4] - For fiscal year 2025, the company targets net revenue between $320 million and $330 million[5] - The adjusted EBITDA target for fiscal year 2025 is set between $63 million and $67 million[5] Quarterly Performance - Contract revenue for the three months ended December 27, 2024, was $144,061 thousand, a decrease of 7.3% compared to $155,677 thousand for the same period in 2023[20] - For the three months ended December 27, 2024, Willdan Group reported a net income of $7.688 million, compared to $8.031 million for the same period in 2023, reflecting a decrease of approximately 4.3%[26] - The diluted earnings per share (EPS) for the three months ended December 27, 2024, was $0.53, down from $0.58 in the same period of 2023, a decrease of approximately 8.6%[26] Year-End Results - Gross profit for the year ended December 27, 2024, increased to $202,782 thousand, up 12.7% from $179,767 thousand in 2023[20] - Net income for the year ended December 27, 2024, was $22,570 thousand, significantly higher than $10,926 thousand in 2023, representing a year-over-year increase of 106.5%[21] - Adjusted EBITDA for the year ended December 27, 2024, reached $56,751 thousand, compared to $45,695 thousand in 2023, reflecting a growth of 24.2%[24] - Cash flows from operating activities for the year ended December 27, 2024, were $72,073 thousand, an increase from $39,214 thousand in 2023[21] - The company reported a net cash increase of $50,761 thousand for the year ended December 27, 2024, compared to a decrease of $3,912 thousand in 2023[21] Segment Performance - The Energy segment's net revenue for the year ended December 27, 2024, was $207,217 thousand, up from $190,373 thousand in 2023, marking an increase of 8.8%[23] - The Engineering and Consulting segment's net revenue for the year ended December 27, 2024, was $89,108 thousand, compared to $79,309 thousand in 2023, representing a growth of 12.3%[23] Expenses and Adjustments - Total general and administrative expenses for the year ended December 27, 2024, were $171,429 thousand, an increase from $157,693 thousand in 2023, reflecting a rise of 8.7%[20] - The company reported a basic earnings per share of $1.63 for the year ended December 27, 2024, compared to $0.82 in 2023, indicating a significant increase of 98.8%[20] - Adjusted net income for the year ended December 27, 2024, was $34.671 million, up from $23.830 million in 2023, representing an increase of about 45.5%[26] - Adjusted diluted EPS for the year ended December 27, 2024, was $2.43, compared to $1.75 in 2023, indicating an increase of around 39.1%[26] - Stock-based compensation adjustments contributed $2.033 million for the three months ended December 27, 2024, compared to $1.259 million in the same period of 2023, an increase of approximately 61.3%[26] - The tax effect of stock-based compensation for the year ended December 27, 2024, was a reduction of $1.322 million, compared to $1.003 million in 2023, reflecting an increase of about 31.9%[26] - Intangible amortization adjustments for the three months ended December 27, 2024, were $1.783 million, down from $2.199 million in the same period of 2023, a decrease of approximately 18.9%[26] - The impact of refinancing costs was recorded as $467 thousand for the year ended December 27, 2024, compared to a tax effect of $88 thousand in 2023[26] - Interest accretion adjustments contributed $153 thousand for the year ended December 27, 2024, with no corresponding amount in the previous year[26] Strategic Activities - The company has resumed strategic acquisitions, including the recent acquisition of Alternative Power Generation, Inc.[2] Shareholder Information - The diluted weighted-average shares outstanding increased to 14,509 thousand for the three months ended December 27, 2024, from 13,731 thousand in the same period of 2023, an increase of about 5.6%[26]