Willdan Group, Inc WLDN shares are soaring after it reported fourth-quarter FY23 sales growth of 25.1% year-on-year to $80.772 million, beating the analyst consensus of $63.785 million.
Gross profit for the quarter increased 26.3% to $54.4 million. Operating income jumped 155% to $11.7 million.
Adjusted EBITDA increased 48.2% to $17.5 million. Adjusted EPS of $0.80 beat the consensus estimate of $0.38.
Willdan held $23.4 million in cash and equivalents as of December 29, 2023. Operating cash flow for twelve months totaled $39.2 million.
“Revenue, profitability and cash flow were above our expectations, aided by end of year program expansions. Strong performance throughout Willdan capped a record year and positions us for an outstanding 2024,” said President and CEO Mike Bieber.
New Contract: Willdan disclosed that a New England utility has awarded a new contract to support multiple energy efficiency programs. Willdan estimates this contract to be worth approximately $30-50 million over three years.
Willdan also announced that Keith Renken has retired from his position as a member of the Board, effective March 5, 2024, and has reduced its number of directors to seven.
Outlook: Willdan sees FY24 net revenue of $270 million – $280 million against an estimate of $267.215 million.
Willdan expects FY24 adjusted EPS of $1.80 – $1.87 versus the consensus of $1.51. It sees Adjusted EBITDA of $48 million – $50 million.
Price Action: WLDN shares are trading higher by 27.26% at $25.26 on the last check Friday.
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