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Willdan (WLDN) Wins Energy Efficiency Contract in New England
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Willdan Group, Inc. (WLDN - Free Report) landed a substantial contract from a New England utility to bolster numerous energy efficiency initiatives.
Valued at an estimated $30-50 million spanning three years, this deal signifies a notable growth opportunity for Willdan. The program targets a diverse range of energy consumers, from small businesses to municipal infrastructure, marking a significant expansion of Willdan's footprint in New England.
Willdan's selection for this contract underscores its strategic planning capabilities and technical expertise. This contract reflects New England utility’s approach to investing in its facilities and taking a substantial step toward a greener and more sustainable future.
Share Price Performance
The company has been providing affordable solutions to reduce the amount of electricity and natural gas. For 2023, consolidated contract revenues grew 18.9%, while net revenues grew 19%.
Notably, in the fourth quarter of 2023, Willdan witnessed remarkable growth in contract revenue, which surged 37% compared with the previous year, reaching a record high of $155.7 million. Net revenues also soared 25% to an unprecedented $80.8 million. This remarkable uptick was primarily driven by seizing exceptional opportunities to surpass target quantities in utility programs, resulting in an additional $20 million in contract revenues and a $3 million boost in adjusted EBITDA for the quarter. Moreover, the quarter showcased significant year-over-year increases across all service lines, reflecting robust demand for energy and municipal services.
Image Source: Zacks Investment Research
Over the past six months, WLDN’s shares have lost 5.6%, against the Zacks Engineering - R and D Services industry’s 16.8% rise. That said, the Zacks Consensus Estimate for earnings per share (EPS) estimates for 2024 indicates 19.2% year-over-year growth.
As companies and organizations continue to prioritize sustainability, Willdan's expertise in energy efficiency and renewable energy solutions positions them as a key player in the evolving landscape of environmentally responsible investments. With this latest contract, Willdan is not only enhancing its reputation but also contributing to a more sustainable future for New England.
Zacks Rank
Willdan currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and EPS indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 31.6% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 16.7% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Willdan (WLDN) Wins Energy Efficiency Contract in New England
Willdan Group, Inc. (WLDN - Free Report) landed a substantial contract from a New England utility to bolster numerous energy efficiency initiatives.
Valued at an estimated $30-50 million spanning three years, this deal signifies a notable growth opportunity for Willdan. The program targets a diverse range of energy consumers, from small businesses to municipal infrastructure, marking a significant expansion of Willdan's footprint in New England.
Willdan's selection for this contract underscores its strategic planning capabilities and technical expertise. This contract reflects New England utility’s approach to investing in its facilities and taking a substantial step toward a greener and more sustainable future.
Share Price Performance
The company has been providing affordable solutions to reduce the amount of electricity and natural gas. For 2023, consolidated contract revenues grew 18.9%, while net revenues grew 19%.
Notably, in the fourth quarter of 2023, Willdan witnessed remarkable growth in contract revenue, which surged 37% compared with the previous year, reaching a record high of $155.7 million. Net revenues also soared 25% to an unprecedented $80.8 million. This remarkable uptick was primarily driven by seizing exceptional opportunities to surpass target quantities in utility programs, resulting in an additional $20 million in contract revenues and a $3 million boost in adjusted EBITDA for the quarter. Moreover, the quarter showcased significant year-over-year increases across all service lines, reflecting robust demand for energy and municipal services.
Image Source: Zacks Investment Research
Over the past six months, WLDN’s shares have lost 5.6%, against the Zacks Engineering - R and D Services industry’s 16.8% rise. That said, the Zacks Consensus Estimate for earnings per share (EPS) estimates for 2024 indicates 19.2% year-over-year growth.
As companies and organizations continue to prioritize sustainability, Willdan's expertise in energy efficiency and renewable energy solutions positions them as a key player in the evolving landscape of environmentally responsible investments. With this latest contract, Willdan is not only enhancing its reputation but also contributing to a more sustainable future for New England.
Zacks Rank
Willdan currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked stocks from the Construction sector.
NVR, Inc. (NVR - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). The stock has gained 21% in the past six months. You can see the complete list of today’s Zacks #1 Rank stocks here.
NVR delivered a trailing four-quarter earnings surprise of 8.1%, on average. The Zacks Consensus Estimate for NVR’s 2024 sales and EPS indicates growth of 7.7% and 4.6%, respectively, from the prior-year levels.
Summit Materials, Inc. (SUM - Free Report) currently sports a Zacks Rank of 1. SUM delivered a trailing four-quarter earnings surprise of 18.2%, on average. The stock has gained 31.6% in the past six months.
The Zacks Consensus Estimate for SUM’s 2024 sales and EPS indicates growth of 80.2% and 53.2%, respectively, from a year ago.
Century Communities, Inc. (CCS - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 49.2%, on average. Shares of CCS have rallied 16.7% in the past six months.
The Zacks Consensus Estimate for CCS’ 2024 sales and EPS indicates a rise of 11.1% and 24.4%, respectively, from the prior-year levels.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.