NV5 Announces Preliminary Unaudited Record Third Quarter Results

Core Viewpoint - NV5 Global, Inc. reported record financial results for Q3 2024, driven by strong organic growth and achieving an annual revenue run rate exceeding $1 billion [2][3]. Financial Performance - Gross revenues for Q3 2024 increased by 6% to $250.9 million from $237.5 million in Q3 2023, with gross profit rising by 13% to $129.5 million, resulting in a gross margin expansion of 350 basis points to 51.6% [3]. - Net income grew by 31% to $17.1 million from $13.1 million in Q3 2023, with GAAP EPS increasing by 29% to $0.27 per share from $0.21 per share [4]. - Cash flows from operating activities surged by 145% to $48.9 million from $19.9 million in Q3 2023 [4]. Adjusted Metrics - Adjusted EBITDA rose by 21% to $44.5 million from $36.7 million, with an Adjusted EBITDA margin expanding to 17.7% from 15.4% in the prior year [5]. - Adjusted EPS increased by 22% to $0.44 per share compared to $0.36 per share in Q3 2023 [5]. Revenue Guidance - The company updated its full-year 2024 guidance, projecting gross revenues between $939 million and $943 million, with GAAP EPS expected to be between $0.48 and $0.54 per share [10]. Backlog and Market Position - NV5 enters Q4 2024 with a record backlog and significant industry investments, anticipating strong growth for the remainder of 2024 and into the new year [2]. Prior Period Adjustments - The company identified out-of-period project revenue adjustments related to a customer acquired in February 2023, leading to revisions in previously reported financial results for Q3 2023 and other periods [6][7]. Company Overview - NV5 Global, Inc. provides technology, conformity assessment, consulting solutions, and software applications, focusing on sustainable infrastructure and various verticals including construction quality assurance and environmental health sciences [17].