Willdan Group Inc (WLDN) has reported an 144.99 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.64 million, or $0.30 a share in the quarter, compared with $1.08 million, or $0.13 a share for the same period last year. Revenue during the quarter surged 101.54 percent to $68.35 million from $33.92 million in the previous year period. Gross margin for the quarter contracted 1441 basis points over the previous year period to 25.83 percent. Total expenses were 97.13 percent of quarterly revenues, up from 94.58 percent for the same period last year. That has resulted in a contraction of 255 basis points in operating margin to 2.87 percent.
Operating income for the quarter was $1.96 million, compared with $1.84 million in the previous year period.
“This is a good start to 2017,” said Tom Brisbin, Willdan’s chairman and chief executive officer. “Distributed energy resources, which include energy efficiency, renewables, storage, and distributed generation, are disruptive to traditional energy generation, transmission and distribution. This change is creating the market opportunity that drove our 60% organic revenue growth in the first quarter. Willdan is well positioned to enhance its financial performance this year, while also investing for this rapidly evolving market. We are diligently pursuing new opportunities that we believe will position us for continued profitable growth.”
Willdan Group projects adjusted revenue to be in the range of $240 million to $250 million for financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.08 to $1.21.
Operating cash flow remains negative
Willdan Group Inc has spent $1.39 million cash to meet operating activities during the quarter as against cash outgo of $1.63 million in the last year period. The company has spent $0.58 million cash to meet investing activities during the quarter as against cash outgo of $9.11 million in the last year period.
The company has spent $1.26 million cash to carry out financing activities during the quarter as against cash outgo of $0.91 million in the last year period.
Cash and cash equivalents stood at $19.44 million as on Mar. 31, 2017, up 301.74 percent or $14.60 million from $4.84 million on Apr. 01, 2016.
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