Willdan Group, Inc. reported a significant increase in financial performance for the fiscal year ending December 27, 2024, with total contract revenue reaching $565.8 million, a 10.9% increase from $510.1 million in the previous year. The company's net income also rose to $22.6 million, compared to $10.9 million in fiscal 2023, reflecting a strong operational performance. The gross profit margin improved slightly to 35.8%, up from 35.2% in the prior year, driven by a favorable mix of revenues and increased demand for energy efficiency services.
The company experienced notable growth in both its Energy and Engineering and Consulting segments. Revenue from the Energy segment increased by $46.3 million, or 10.9%, primarily due to higher construction management revenues and increased demand for energy efficiency and electrification services. The Engineering and Consulting segment also saw an 11.3% increase in revenue, attributed to heightened demand for its services. Direct costs of contract revenue rose by 9.9%, but the company managed to maintain a stable gross margin.
Strategically, Willdan made significant moves in the acquisition space, acquiring Enica Engineering, PLLC, in October 2024 for an initial cash payment of $12 million, with potential earnout payments of up to $6 million based on performance targets. This acquisition is expected to enhance Willdan's capabilities in energy efficiency and consulting services. The company also reported a total employee headcount of 1,761 as of December 27, 2024, reflecting a continued investment in human capital to support its growth strategy.
Operationally, Willdan's customer base remains diverse, with no single customer accounting for more than 10% of consolidated contract revenues in fiscal 2024. The company serves a wide range of clients, including government agencies and utilities, with a significant concentration in California and New York, which accounted for 43.9% and 23.6% of total revenues, respectively. The company continues to focus on expanding its geographic footprint and enhancing its service offerings to capitalize on the growing demand for energy efficiency and sustainability solutions.
Looking ahead, Willdan remains optimistic about its growth trajectory, driven by ongoing investments in technology and strategic acquisitions. The company anticipates continued demand for its services as public and private sectors increasingly prioritize energy efficiency and sustainability initiatives. However, management acknowledges potential risks, including economic downturns and regulatory changes, which could impact future performance.
About Willdan Group, Inc.
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