Fri, Aug 2, 10:12 AM (88 days ago)
Willdan Group, Inc.'s Q2 2024 financial performance showed a significant improvement. Contract revenue increased by 18.4% YoY to $140.996 million, driven by growth in both the Energy and Engineering and Consulting segments. Gross profit rose by 20.1% to $48.804 million, with a gross margin of 34.6%. General and administrative expenses increased by 11.0%, primarily due to higher salaries, benefits, and stock-based compensation. Despite this, operating income surged to $6.448 million from $2.474 million YoY. Net income was $4.594 million, up from $0.397 million. Cash flow from operations was strong at $27.838 million, aiding a cash and equivalents balance of $44.267 million. The company's effective interest rate was 7.7%, with $94.4 million outstanding on its Term Loan. The company is well-positioned financially, with sufficient liquidity to support future operations.