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Willdan Group Reports Strong
Fourth Quarter and Fiscal Year 2017 Results
Investment Community Conference Call Today at 5:30 p.m. Eastern Time
ANAHEIM, Calif. – March 8, 2018 – Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of professional technical and consulting services, today reported financial results for its fourth quarter and fiscal year ended December 29, 2017 and provided its financial targets for fiscal year 2018.
Fiscal Year 2017 Highlights
Fourth Quarter 2017 Highlights
For the fourth quarter of 2017, Willdan reported total contract revenue of $64.2 million and net income of $3.3 million, or $0.36 per diluted share. This compares with total contract revenue of $57.4 million and net income of $1.6 million, or $0.18 per diluted share, for the fourth quarter of 2016. For the fourth quarter of 2017, Net Revenue, defined as revenue, net of subcontractor services and other direct costs (see “Use of Non-GAAP Financial Measures” below), was $31.1 million, up 9.8% compared to the same period in fiscal year 2016. The increase in earnings per share was primarily attributable to higher revenue and a decrease in deferred tax expense. Adjusted Diluted EPS (see “Use of Non-GAAP Financial Measures” below), which excludes the one-time benefit from remeasuring deferred tax liabilities as a result of the legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017, was $0.22, up from $0.18 in the prior year.
“We had a strong year in 2017, surpassing our long-term 20% growth targets,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “Importantly, through both organic growth and our acquisition activity, we continue to improve the diversification of our revenue across geographies, customers, and project types. We anticipate another positive year in 2018, as a number of significant new programs ramp-up including our Local Capacity Requirements program for San Diego Gas & Electric and recent wins from ComEd to expand our energy efficiency work in Illinois. Through renegotiation and a change in our approach to executing certain programs, we expect to continue reducing the amount of equipment pass-through revenue we recognize with little or no margin. This approach is expected to significantly improve our profit margin in 2018, and we expect to generate another year of strong earnings growth.”
Fourth Quarter 2017 Financial Highlights
Total contract revenue for the fourth quarter of 2017 was $64.2 million, an increase of 11.7% from $57.4 million for the fourth quarter of 2016. The increase was primarily due to growth in the Energy Efficiency Services segment, which increased revenue by 19.4% over the same quarter of the prior year.
The following information was filed by Willdan Group, Inc. (WLDN) on Thursday, March 8, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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