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ANAHEIM, Calif. - Willdan Group , Inc. (NASDAQ: NASDAQ:WLDN), a professional technical and consulting services provider, has secured an $11 million energy and infrastructure modernization contract from the City of South Lake Tahoe, California. The project, which spans two years, aims to enhance the city's energy and operational efficiencies. The company, currently valued at approximately $519 million, has demonstrated strong financial performance with a 23% revenue growth over the past year. According to InvestingPro analysis, Willdan is trading near its Fair Value, with analysts maintaining a strong buy consensus.
Sara Letton, the City of South Lake Tahoe's Sustainability Coordinator, expressed that the initiative is a stride toward achieving the goals outlined in their Climate Action (WA:ACT) Plan. This includes transitioning to 100% municipal renewable energy by 2032 and cutting community-wide emissions by half by 2030. InvestingPro data reveals that Willdan operates with moderate debt levels and maintains strong liquidity, with current assets exceeding short-term obligations by 1.77x, positioning it well for such large-scale projects.
The modernization includes the installation of a cogeneration microturbine, photovoltaic solar panels capable of producing 415 kWdc, and advanced building automation systems for all city-operated buildings. Additionally, the project will replace existing water meters with right-sized versions, introduce energy-efficient power transformers, and establish a new CO2 ice plant featuring an eco-friendly refrigerant for the local ice arena.
The City of South Lake Tahoe, founded on November 30, 1965, is located in the Sierra Nevada Mountains and is known for its picturesque natural setting. Willdan, with a diverse portfolio of services including electric grid solutions and energy policy planning, has been selected to lead this infrastructure overhaul.
This press release contains forward-looking statements that involve risks and uncertainties, and actual results may differ from the projected outcomes. Willdan has cautioned investors not to rely too heavily on these forward-looking statements, which are not guarantees of future performance. However, InvestingPro analysis shows the company has delivered impressive returns, with the stock price surging 94% over the past year. InvestingPro subscribers have access to over 30 additional financial metrics and insights about Willdan, including exclusive ProTips and comprehensive research reports available for 1,400+ US stocks.
The information for this article is based on a press release statement from Willdan Group, Inc.
In other recent news, Willdan Group has reported significant developments in its financial performance and company operations. The company's third-quarter financial results showed a 19% year-over-year increase in contract revenue to $158 million, and adjusted EBITDA grew by 50% to $15.2 million. Adjusted earnings per share also saw a substantial rise, nearly doubling to $0.73. These positive results led Willdan Group to raise its full-year financial targets, now expecting net revenue between $285 million and $295 million, and adjusted EBITDA of $52 million to $54 million.
In addition to financial performance, Willdan Group has been awarded a $4.5 million contract to manage building division operations and provide fire plan inspection review services for the City of Bellflower over the next three years. This partnership aims to enhance the city's building and safety services, a critical component for the residents and businesses of Bellflower.
Willdan Group has also restructured its executive compensation agreements for its President and CEO Michael Bieber, Executive Vice President and CFO Creighton K. Early, and Executive Vice President and General Counsel, Micah Chen. This is part of the company's efforts to align its leadership team's interests with those of shareholders and ensure stability in its executive ranks.
Among these recent developments, Willdan Group has been expanding its workforce and winning significant contracts, including a $103 million project with Clark County School District and a $9 million contract with the New York Power Authority. These are key elements of Willdan Group's growth strategy, which includes a focus on energy efficiency and decarbonization.
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