Willdan Group, Inc. has recently released its 10-Q report, revealing a broad portfolio of professional, technical, and consulting services primarily in the United States. The company operates in two segments, Energy, and Engineering and Consulting, offering services to public and governmental agencies, investor-owned and municipal-owned energy utilities, state and federal agencies, and commercial and industrial firms. The Energy segment provides comprehensive energy solutions, while the Engineering and Consulting segment offers civil engineering-related construction management and other engineering consulting services.
In the second quarter of 2024, Willdan reported consolidated contract revenue of $140.996 million, marking an 18.4% increase from the same period in 2023. The gross profit for the quarter was $48.804 million, representing a 20.1% increase from the previous year. The company's income from operations also saw a significant increase, reaching $6.448 million, up 160.6% from the same period in 2023. The net income for the quarter was $4.594 million, a substantial improvement from the $397,000 reported in the second quarter of 2023.
For the six months ended June 28, 2024, Willdan reported consolidated contract revenue of $263.485 million, an 18.9% increase from the same period in 2023. The gross profit for the first half of 2024 was $96.222 million, representing a 17.5% increase from the previous year. The company's income from operations for the six months ended June 28, 2024, reached $11.809 million, marking an 82% increase from the same period in 2023. The net income for the first half of 2024 was $7.536 million, a significant improvement from the $1.329 million reported in the first half of 2023.
The company's Energy segment reported contract revenue of $117.852 million for the second quarter of 2024, with the Engineering and Consulting segment reporting contract revenue of $23.144 million. In the same period, the domestic market accounted for the entirety of the company's revenue.
Willdan's 10-Q report for the second quarter of 2024 highlights its strong financial performance, with substantial increases in contract revenue, gross profit, income from operations, and net income compared to the same period in 2023. Following these announcements, the company's shares moved -2.1%, and are now trading at a price of $33.18. If you want to know more, read the company's complete 10-Q report here.
