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Willdan Group Reports
First Quarter 2018 Results
Investment Community Conference Call Today at 5:30 p.m. Eastern Time
ANAHEIM, Calif. – May 3, 2018 – Willdan Group, Inc. (“Willdan”) (NASDAQ: WLDN), a provider of professional technical and consulting services, today reported financial results for its first quarter ended March 30, 2018.
First Quarter 2018 Highlights
For the first quarter of 2018, Willdan reported total contract revenue of $54.6 million and net income of $2.2 million, or $0.24 per diluted share. This compares with total contract revenue of $68.4 million and net income of $2.6 million, or $0.30 per diluted share, for the first quarter of 2017. For the first quarter of 2018, Net Revenue, defined as revenue, net of subcontractor services and other direct costs (see “Use of Non-GAAP Financial Measures” below), was $30.5 million, up 7.3% compared to the same period in fiscal year 2017. The decrease in earnings per share was primarily attributable to a lower income tax benefit in 2018.
“Our first quarter results were in line with our expectations and reflect the change we have made to reduce the amount of pass-through revenue we recognize with little to no margin,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We are seeing a consistent level of activity in all of our major energy efficiency programs, as well as the positive impact from new programs we announced over the last year, including ComEd in Illinois and Potomac Edison in Maryland. Today, we also announced our largest performance contract to date, the $14 million win with the Pueblo School District in Colorado. We also continue to execute on our M&A strategy, having completed the acquisition of Newcomb Anderson McCormick, Inc. (NAM) at the end of April. NAM provides mechanical engineering and energy efficiency expertise that will significantly enhance our capabilities in California. We believe NAM’s experience will also strengthen our ability to capitalize on the growth in outsourced energy efficiency services programs among California utilities over the next several years.”
First Quarter 2018 Financial Highlights
Total contract revenue for the first quarter of 2018 was $54.6 million, a decrease of 20.1% from $68.4 million for the first quarter of 2017. Contract revenue for the Energy segment was $37.3 million for the first quarter of 2018, a decline of 25.5% from $50.1 million for the first quarter of 2017. The decrease was primarily attributable to the reduction in pass-through equipment costs, for which the Company receives little or no margin. Contract revenue for the Engineering and Consulting segment was $17.3 million, a decrease of 5.3% from $18.2 million for the first quarter of 2017.
Net Revenue for the first quarter of 2018 was $30.5 million, an increase of 7.3% from $28.5 million for the first quarter of 2017. The increase was primarily due to a ramp up in new programs within the Energy segment. Net Revenue in the Energy segment was $16.3 million for the first quarter of 2018, an increase of 11.3% over the same period last year. Net Revenue in the Engineering and Consulting segment was $14.2 million for the first quarter of 2018, an increase of 3.0% over the same period last year.
The following information was filed by Willdan Group, Inc. (WLDN) on Thursday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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