Willdan (WLDN) Receives $6.45 Million Energy Service Contract
Willdan Group, Inc. WLDN has secured a $6.45 million energy service performance contract from the Yosemite Unified School District. This contract marks a milestone in the quest for a more sustainable and energy-efficient future.
Under the agreement, Willdan will be responsible for the design and installation of a 734-kilowatt solar photovoltaic system spanning three school sites within the district. Furthermore, the contract includes critical upgrades to lighting, HVAC systems, and thermostat controls. The company is not only stopping at energy-related enhancements, it is also providing crucial support for grant applications and planning for the district's electric vehicle fleet and charging infrastructure.
Willdan's selection for this contract underscores its strategic planning capabilities and technical expertise. This partnership with the Yosemite Unified School District reflects the district's innovative approach to investing in its facilities and taking a substantial step toward a greener and more sustainable future.
As companies and organizations continue to prioritize sustainability, Willdan's expertise in energy efficiency and renewable energy solutions positions them as a key player in the evolving landscape of environmentally responsible investments. With this latest contract, Willdan is not only enhancing its reputation but also contributing to a more sustainable future for the Yosemite Unified School District and its community.
Share Price Performance
The company has been providing affordable solutions to reduce the amount of electricity and natural gas. For the first nine months of 2023, consolidated contract revenues grew 12.2%, while net revenues grew 16.6%.
In the third quarter of 2023, gross revenues were up 9.3% year over year to a record $132.7 million. Net revenues were up 10.8% to a record $65.3 million, fueled by strong backlog and continuing demand across the broad range of services. WLDN’s Energy segment experienced an impressive 8% increase in gross revenues, while the Engineering and Consulting segment achieved revenue growth exceeding 10% compared with the previous year, marking the fifth consecutive quarter of double-digit growth.
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Over the past six months, WLDN has gained 12.6%, outperforming the Zacks Engineering - R and D Services industry’s 2% rise. The Zacks Consensus Estimate for earnings per share (EPS) estimates for 2023 indicates 50% year-over-year growth. The same for 2024 reflects 14.8% year-over-year growth.
Zacks Rank
Willdan currently carries a Zacks Rank #3 (Hold).
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