ANAHEIM, Calif. - Willdan Group , Inc. (NASDAQ: NASDAQ:WLDN) has been awarded a $102 million contract by the Clark County School District to implement energy-saving upgrades across 204 schools. This initiative is projected to result in $170 million in lifetime energy savings for the district, along with an estimated $700,000 reduction in annual operations and maintenance costs.
The contract represents the second phase of energy efficiency projects that Willdan will execute for the school district, which is the fifth largest in the nation, serving 300,000 students in southern Nevada. The scope of the second phase is approximately twice that of the first in terms of square footage and energy savings.
Willdan's CEO Mike Bieber expressed the company's commitment to supporting the district's goal of reducing its energy footprint and operational costs. He highlighted the added value of educational initiatives that will accompany the project, aimed at enhancing STEM education for both students and faculty.
In executing the contract, Willdan has involved over 200 local subcontractors, with around 30% of them being Minority- or Women-Owned Business Enterprises. The company has also assisted the district in securing more than $6 million in external funding, which includes $3 million in federal tax benefits.
Willdan, a provider of professional and technical services across the United States, offers a range of services including energy efficiency and sustainability, electric grid solutions, and municipal financial consulting.
The information reported is based on a press release statement. It is important to note that forward-looking statements in the press release are not guarantees of future performance and actual results may vary due to various factors.
In other recent news, Willdan Group, Inc. recorded an impressive performance in the second quarter of fiscal year 2024, with both GAAP and adjusted earnings per share more than doubling year-over-year. The company also reported an 18% organic increase in contract revenue and a substantial 56% year-over-year growth in adjusted EBITDA. Following these robust results, Willdan Group has revised its full-year financial targets upward, reflecting a positive growth outlook.
The company has also made significant strides in expanding its commercial work, specifically in the data center market, with major contract wins including Meta (NASDAQ:META), the state of Virginia, and various utilities. Willdan Group has indicated plans for more aggressive investment, including potential mergers and acquisitions.
In terms of future expectations, the company anticipates full-year net revenue to be between $280 million and $290 million, adjusted EBITDA between $50 million and $52 million, and adjusted diluted earnings per share between $2 and $2.10. These recent developments underscore Willdan Group's strong financial performance and strategic growth initiatives.
InvestingPro Insights
Amidst the announcement of Willdan Group, Inc.'s (NASDAQ: WLDN) significant contract award, the company's financial health and market performance paint a promising picture for investors. With a current market capitalization of $507.44 million, Willdan's valuation reflects a positive outlook, underscored by a P/E ratio of 28.91, which aligns closely with the adjusted P/E ratio for the last twelve months as of Q2 2024, sitting at 29.62.
The company's revenue growth is another highlight, boasting an increase of 20.94% over the last twelve months as of Q2 2024. This growth trajectory is further evidenced by a strong quarterly revenue growth of 18.41% in Q2 2024. Such financial metrics suggest that Willdan is not only expanding its top line but is doing so at an accelerating pace.
InvestingPro Tips offer additional insights into Willdan's performance and future prospects. A notable tip is the expectation that net income will grow this year, an indicator of the company's profitability potential. Moreover, analysts predict Willdan will be profitable this year, which is corroborated by the company's profitability over the last twelve months. This is particularly relevant for investors considering the company's recent contract win and its potential impact on future earnings.
For investors seeking more comprehensive analysis, InvestingPro provides a wealth of additional tips. There are currently 9 more InvestingPro Tips available for Willdan Group, which can be accessed by visiting the InvestingPro platform. These tips offer deeper insights into the company's financial health, market performance, and potential investment opportunities.
InvestingPro Insights reveal a company that appears to be on a positive trajectory, both in terms of financial growth and market performance. As Willdan Group continues to secure substantial contracts and deliver on its projects, these metrics and tips could provide valuable context for investors monitoring the company's progress.
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