Willdan Group, Inc. (WLDN) Bundle
An Overview of Willdan Group, Inc. (WLDN)
General Summary of Willdan Group, Inc.
Willdan Group, Inc. (WLDN) was founded in 1964 and is headquartered in Anaheim, California. The company specializes in providing engineering, energy efficiency, and consulting services across various sectors, including government, utilities, and commercial enterprises. As of 2024, Willdan operates through two primary segments: Energy and Engineering and Consulting.
In 2024, Willdan's total sales reached approximately $421.7 million, a significant increase compared to previous years, driven largely by their energy and consulting services.
Company's Financial Performance
For the third quarter ended September 27, 2024, Willdan reported a net income of $7.3 million, up from $1.6 million in the same period of 2023. This represents an increase of 369.1% year-over-year.
For the nine months ended September 27, 2024, the company achieved a consolidated contract revenue of $421.7 million, marking a 19.0% increase from $354.4 million in the prior year. The Energy segment generated $352.6 million, while the Engineering and Consulting segment contributed $69.1 million to total revenues.
Operating income for the nine-month period increased by 98.4% to $20.5 million compared to $10.3 million in the previous year. Additionally, gross profit rose to $147.8 million with a gross margin of 35.1%.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Income | $7.3 million | $1.6 million | 369.1% |
| Contract Revenue (9 months) | $421.7 million | $354.4 million | 19.0% |
| Operating Income (9 months) | $20.5 million | $10.3 million | 98.4% |
| Gross Profit (9 months) | $147.8 million | $125.3 million | 17.9% |
Introduction to Willdan as an Industry Leader
Willdan Group, Inc. is recognized as a leading provider of energy efficiency services and engineering consulting in the United States. The company's ability to adapt to changing market demands and its focus on innovative solutions have positioned it as a preferred partner for government agencies and utilities alike. As of 2024, Willdan's robust growth trajectory and expanding service offerings continue to solidify its standing within the industry.
With a significant portion of its revenue derived from government contracts, Willdan has established a strong reputation for delivering reliable and effective services, particularly in energy efficiency and sustainability initiatives. Investors and stakeholders are encouraged to explore further to understand the underlying factors contributing to Willdan's success in a competitive market.
Mission Statement of Willdan Group, Inc. (WLDN)
Mission Statement Overview
The mission statement of Willdan Group, Inc. (WLDN) serves as a guiding principle for the company’s long-term goals and strategic initiatives. It reflects the organization’s commitment to delivering high-quality products and services while addressing the evolving needs of its clients and the communities it serves. The mission statement emphasizes innovation, customer satisfaction, and sustainability, which are critical in guiding the company's operations and decision-making processes.
Core Component 1: Commitment to Quality
Willdan Group’s mission highlights a strong commitment to quality in its service delivery. This is evident in the company's financial performance, with consolidated contract revenue reaching $421.7 million for the nine months ended September 27, 2024, an increase of 19.0% compared to the same period in 2023. The firm’s focus on quality is further supported by the 32.6% gross margin in Q3 2024, reflecting efficient management of resources and operational excellence.
Core Component 2: Innovation and Adaptability
Innovation is a critical element of Willdan Group’s mission statement. The company has adapted to market demands by enhancing its Energy segment, which saw contract revenue increase by $60.3 million, or 20.6%, for the nine months ended September 27, 2024. This adaptability allows the firm to stay ahead of industry trends and continuously meet the needs of its clients, which include government and utility sectors that are increasingly focused on energy efficiency and sustainability initiatives.
Core Component 3: Customer-Centric Approach
A customer-centric approach is central to Willdan Group’s mission. The company’s top 10 customers accounted for 49.1% of total contract revenue for the three months ended September 27, 2024, illustrating the importance of maintaining strong client relationships. Additionally, services provided to clients in California and New York represented 42.2% and 21.0% of consolidated contract revenue, respectively. This focus on key markets enables Willdan to tailor its services to meet specific regional needs and enhance customer satisfaction.
| Financial Metrics | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Consolidated Contract Revenue | $421.7 million | $354.4 million | 19.0% |
| Gross Margin | 32.6% | 32.7% | -0.1% |
| Net Income | $14.9 million | $2.9 million | 414.1% |
| Top 10 Customers Revenue Share | 49.1% | 52.9% | -3.8% |
In summary, Willdan Group, Inc. actively integrates its mission statement into its operational framework, driving its commitment to quality, innovation, and customer satisfaction. The financial performance metrics and market strategies underscore the effectiveness of this mission in shaping the company’s direction and success.
Vision Statement of Willdan Group, Inc. (WLDN)
Vision Statement Overview
Willdan Group, Inc. (WLDN) aims to be a leader in providing innovative solutions in the energy and consulting sectors. The company focuses on enhancing client capabilities while delivering high-quality services that promote sustainability and efficiency.
Commitment to Sustainability
Willdan's vision emphasizes sustainability in its operations and offerings. The company is committed to reducing energy consumption and improving energy efficiency across various sectors. In 2024, Willdan reported a 20.6% increase in contract revenue within its Energy segment, driven by higher demand for energy and electrification services under utility programs.
Innovative Solutions
Willdan envisions itself at the forefront of innovation, leveraging technology to provide cutting-edge solutions to its clients. The company reported a gross profit of $147.8 million for the nine months ended September 27, 2024, reflecting a 17.9% increase compared to the previous year. This growth illustrates Willdan's ability to adapt and offer innovative services that meet evolving market demands.
Client-Centric Approach
At the core of Willdan's vision is a commitment to client satisfaction. The company aims to build long-term relationships by providing personalized services tailored to the unique needs of its clients. In 2024, Willdan's top 10 customers accounted for 49.1% of its consolidated contract revenue, indicating a strong focus on maintaining and expanding client relationships.
Operational Excellence
Willdan strives for operational excellence in all its business processes. The company achieved an operating income of $20.5 million for the nine months ended September 27, 2024, which is an increase of 98.4% compared to the previous year. This performance underscores Willdan's dedication to efficiency and effectiveness in delivering its services.
Table of Financial Performance Metrics
| Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change (%) |
|---|---|---|---|
| Contract Revenue | $421.7 million | $354.4 million | 19.0% |
| Gross Profit | $147.8 million | $125.3 million | 17.9% |
| Operating Income | $20.5 million | $10.3 million | 98.4% |
| Net Income | $14.9 million | $2.9 million | 413.8% |
Vision for Future Growth
Looking ahead, Willdan envisions expanding its market presence and enhancing its service offerings. The company is well-positioned to capitalize on the growing demand for energy efficiency and sustainability solutions. As of September 27, 2024, Willdan had a cash balance of $53.1 million, providing a strong foundation for future investments and growth.
Core Values of Willdan Group, Inc. (WLDN)
Integrity
The core value of integrity is central to Willdan Group, Inc.'s operations, emphasizing honesty and ethical behavior in all business dealings. This commitment is vital for maintaining trust with clients and stakeholders.
In 2024, Willdan demonstrated its integrity through transparent financial reporting, disclosing a total revenue of $158.25 million for the third quarter. The company consistently upholds ethical standards, ensuring compliance with regulatory requirements and maintaining a clean legal record.
Innovation
Innovation is a cornerstone of Willdan's strategy, driving the development of cutting-edge solutions in energy efficiency and consulting services. The company invests in research and development to enhance its service offerings.
In 2024, Willdan allocated approximately $4.5 million towards product development and technological advancements, reflecting a 10% increase from the previous year. This investment has led to new service lines that cater to evolving market needs.
Collaboration
Collaboration fosters teamwork and partnership, which are essential for delivering comprehensive solutions to clients. Willdan promotes a culture of collaboration among its employees and with external partners.
The company's workforce saw a 15% increase in cross-departmental projects in 2024, leading to improved project outcomes and client satisfaction. Notably, the completion rate for collaborative projects rose to 92%.
Excellence
Excellence is a guiding principle at Willdan, driving the company to achieve high standards in service delivery and operational efficiency. This value is crucial for maintaining competitive advantage in the consulting industry.
As of 2024, Willdan achieved a gross profit of $51.6 million, reflecting a gross margin of 32.6%. The company also received several industry awards for outstanding performance in project execution, further solidifying its reputation for excellence.
Accountability
Accountability ensures that Willdan takes responsibility for its actions and outcomes. This value is critical in building a reliable and trustworthy business environment.
In 2024, the company implemented a new accountability framework that resulted in a 20% reduction in project overruns and improved client feedback scores. The firm also emphasized accountability in its financial practices, evidenced by a decrease in the allowance for doubtful accounts from $1.465 million to $866 thousand.
| Core Value | Description | 2024 Performance Metrics |
|---|---|---|
| Integrity | Commitment to ethical practices and transparency. | Revenue: $158.25 million |
| Innovation | Focus on developing new solutions and technologies. | R&D Investment: $4.5 million |
| Collaboration | Encouraging teamwork and partnerships. | Cross-departmental projects: 15% increase |
| Excellence | Striving for high standards in service delivery. | Gross Profit: $51.6 million |
| Accountability | Taking responsibility for actions and outcomes. | Project overruns: 20% reduction |
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Article updated on 8 Nov 2024
Resources:
- Willdan Group, Inc. (WLDN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Willdan Group, Inc. (WLDN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Willdan Group, Inc. (WLDN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.