Willdan Group (WLDN) Tops Q1 EPS by 5c, Revenues Beat; Raises FY19 EPS/Revenue Guidance

Willdan Group (NASDAQ: WLDN) reported Q1 EPS of $0.22, $0.05 better than the analyst estimate of $0.17. Revenue for the quarter came in at $40.8 million versus the consensus estimate of $39.07 million.

• Consolidated contract revenue of $91.8 million, an increase of 68.1%
• Net revenue of $40.8 million, an increase of 33.8%
• Net loss of $0.4 million, or $0.04 per diluted share
• Adjusted diluted earnings per share of $0.22
• Adjusted EBITDA of $4.7 million
• Cash generated from operations of $10.5 million
• Increasing Net Revenue and Adjusted EPS guidance

“Our first quarter results were impacted by a lower level of activity with two of our largest clients as we completed negotiations for program expansions,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We are raising our targets for net revenue and adjusted diluted EPS for 2019. The combined capabilities and geographic presence of Willdan and Lime Energy is having the positive impact on our business development efforts that we expected. We have the largest pipeline of work in our history and we continue to make good progress in executing on our long-term vision for Willdan and adding new skill sets, technologies, and experience that we believe will enhance our ability to generate profitable growth in the years ahead.”

GUIDANCE:

Willdan Group sees FY2019 EPS of $2.40-$2.50, versus the consensus of $2.04. Willdan Group sees FY2019 revenue of $185-205 million, versus the consensus of $196.91 million.

• Effective tax rate of approximately 24%
• Diluted share count of 11.7 million shares
• Depreciation of approximately $4.5 million
• Amortization of approximately $8.5 million
• Stock-based compensation of approximately $11.9 million
• Interest of approximately $4.5 million

For earnings history and earnings-related data on Willdan Group (WLDN) click here.

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