Willdan Group Inc (WLDN) Reports 12.2% Growth in Consolidated Contract Revenue for Q3 2023
Willdan Group Inc (NASDAQ:WLDN) reported a 12.2% increase in consolidated contract revenue for the third quarter of 2023.
The company's net revenue grew by 16.6% for the first nine months of 2023.
Willdan Group Inc (NASDAQ:WLDN) is raising its full-year guidance for all financial targets.
The company reported a net income of $1,566,000 for Q3 2023.
On November 2, 2023, Willdan Group Inc (NASDAQ:WLDN) released its financial results for the third quarter ended September 29, 2023. The company reported strong results in revenue, profit, and cash. Willdan's Chairman and Chief Executive Officer, Tom Brisbin, stated,
Our strategy to provide affordable solutions to reduce the amount of electricity and natural gas that people use is working. For the nine months, consolidated contract revenue grew 12.2% while net revenue grew 16.6%."
Financial Performance
For the third quarter of 2023, Willdan Group Inc (NASDAQ:WLDN) reported a consolidated contract revenue of $132,738,000, marking a 12.2% increase compared to the same period in 2022. The company's net revenue for the first nine months of 2023 grew by 16.6%, demonstrating a positive momentum in the company's financial performance.
Balance Sheet Highlights
As of September 29, 2023, Willdan Group Inc (NASDAQ:WLDN) reported total assets of $401,620,000. The company's total current assets stood at $164,506,000, including cash and cash equivalents of $12,887,000. The total liabilities amounted to $210,547,000, while the total stockholders' equity was $191,073,000.
Income Statement Summary
Willdan Group Inc (NASDAQ:WLDN) reported a net income of $1,566,000 for the third quarter of 2023. The company's earnings per share (EPS) for the quarter was $0.11 on a diluted basis. For the first nine months of 2023, the company reported a net income of $2,895,000, with a diluted EPS of $0.21.
Cash Flow Statement Overview
For the first nine months of 2023, the net cash provided by operating activities was $24,112,000. The net cash used in investing activities was $9,115,000, while the net cash used in financing activities was $21,595,000. The company ended the period with cash, cash equivalents, and restricted cash totaling $12,887,000.
Willdan Group Inc (NASDAQ:WLDN) is a nationwide provider of professional, technical, and consulting services to utilities, government agencies, and private industry. The company's service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting.
Explore the complete 8-K earnings release (here) from Willdan Group Inc for further details.
This article first appeared on GuruFocus.
