Willdan Group (NASDAQ: WLDN) reported Q4 EPS of $0.46, $0.04 worse than the analyst estimate of $0.50. Revenue for the quarter came in at $50.8 million versus the consensus estimate of $57.82 million.

Fourth Quarter 2020 Summary

• Signed $781 million in California Investor Owned Utility Contracts
• Consolidated contract revenue of $96.9 million, a decrease of 25.1%
• Net revenue of $50.8 million, a decrease of 16.8%
• Net loss of $4.0 million, or $(0.33) per diluted share
• Adjusted net income of $5.6 million, or $0.46 per diluted share
• Adjusted EBITDA of $8.6 million, or 16.9% of net revenue
• Cash provided by operating activities of $20.1 million

“In 2020 we proved that we could acquire new capabilities with acquisitions, combine and strategically cross sell those new capabilities and experience, and then win what we believe are the largest most complex contracts in our industry," said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We believe our growth model is repeatable and durable, so we plan to continue adding complimentary skills to catalyze organic growth. I thank our new customers for trusting us, and our team of employees for their dedication and hard work in the most trying times.

Willdan serves one of the most exciting markets in the world at one of the most exciting times. A cleaner, low carbon energy cycle is transforming our electric grid, buildings, industrial production and transportation networks. Willdan helps these clients evaluate new technical advances and implement cost effective solutions. During 2020, we generated $47 million in cash flow from operations, a Company record, and we were awarded California Investor Owned Utility (“IOU”) contracts that, on a weighted average basis, represent approximately $150 million per year in incremental contract revenue in the next three to five years if we successfully execute the work. These new wins solidify our market position in California and we believe are large enough to drive double digit organic growth potential for the next two years.”

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