Willdan Group (NASDAQ: WLDN) reported Q1 EPS of $0.22, in-line with the analyst estimate of $0.22. Revenue for the quarter came in at $48 million versus the consensus estimate of $46.9 million.

First Quarter 2021 Summary

• Consolidated contract revenue of $79.1 million, a decrease of 25.4%
• Net revenue of $48.0 million, a decrease of 3.3%
• Net loss of $3.8 million, or $(0.31) per diluted share
• Adjusted net income of $2.7 million, or $0.22 per diluted share
• Adjusted EBITDA of $4.7 million, or 9.7% of net revenue
• Cash provided by operating activities of $5.6 million

“In the first quarter, net income and adjusted EBITDA were better than the year ago period as we leveraged cost reductions and improved our revenue mix," said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “We’re encouraged by improving conditions in our end markets, including California, where re-openings have commenced. A portion of the LADWP program resumed in April, and we now expect all programs to resume by early in the third quarter. We have now received three CPUC approvals on our new CA IOU contracts, and expect the remainder of approvals in the next few months. Additionally, we have signed a seventh CA IOU contract with Southern California Gas, valued at approximately $12 million.”

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