Willdan's Q4 Earnings Top Estimates, Revenues Miss, Both Down Y/Y

Core Insights - Willdan Group, Inc. reported mixed results for Q4 fiscal 2024, with adjusted earnings exceeding estimates while contract revenues fell short [1][4] - Year-over-year comparisons showed declines in both top and bottom lines, primarily due to weak performance in the Energy segment [2][4] Financial Performance - Adjusted EPS for the quarter was 75 cents, surpassing the Zacks Consensus Estimate of 57 cents by 31.6%, but down from 80 cents in the same quarter last year [4] - Contract revenues totaled $144.1 million, missing the consensus mark of $152 million by 5.2% and declining 7.5% year over year [4] - Gross profit slightly increased to $55 million from $54.4 million, while adjusted EBITDA rose 1.4% to $17.7 million [5] Segment Analysis - Energy Segment: Contract revenues decreased to $120.7 million from $134.6 million year over year, with net revenues down 6.6% to $56.6 million [6] - Engineering and Consulting Segment: This segment saw an increase in contract revenues to $23.4 million from $21 million year over year [6] Fiscal Year Highlights - For fiscal 2024, total contract revenues were $565.8 million, up 0.9% from fiscal 2023, with annual gross profit rising to $202.8 million from $179.8 million [8] - Adjusted EBITDA for the year was $56.8 million, reflecting a 24.2% increase, and adjusted EPS grew 38.9% to $2.43 from $1.75 [8] Cash Position and Outlook - As of December 27, 2024, cash and cash equivalents stood at $74.2 million, significantly up from $23.4 million at the end of fiscal 2023 [10] - For fiscal 2025, the company expects net revenues between $320 million and $330 million, with adjusted EBITDA anticipated between $63 million and $67 million, and adjusted EPS projected in the range of $2.70 to $2.85 [11]