Willdan Group, Inc. (NASDAQ:WLDN) Q2 2024 Earnings Conference Call August 1, 2024 5:30 PM ET
Company Participants
Al Kaschalk - Vice President of Investor Relations
Mike Bieber - President & Chief Executive Officer
Kim Early - Executive Vice President & Chief Financial Officer
Conference Call Participants
Craig Irwin - ROTH Capital Partners
Operator
Greetings and welcome to the Willdan Group Second Quarter 2024 Earnings Call. At this time, all lines are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Al Kaschalk, Vice President.
Al Kaschalk
Good afternoon, everyone and welcome to Willdan Group's second quarter fiscal 2024 earnings call. Joining our call today are Mike Bieber, President and Chief Executive Officer; and Kim Early, Executive Vice President and Chief Financial Officer.
This call builds on our earnings release we issued after market closed today. You can find today's earnings release in the press release section of our website at ir.willdangroup.com. A copy of the slides that accompany today's call are located in the Events and Presentations section of the website. In addition, our Willdan investor report is available under Stock Information section of the website. Management will review prepared remarks and then we'll then open the call up to your questions. Statements made in the course of today's conference call, including answers to your questions which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve certain risks and uncertainties and include non-GAAP measures. A more detailed Safe Harbor statement is on the cover of our first slide and our annual report on Form 10-K.
I will now turn the call over to Mike Bieber, Willdan's President and CEO, who will begin on Slide 2.
Mike Bieber
We had a record second quarter, exceeding consensus estimates and our own expectations. Contract revenue was up 18% organically and adjusted EBITDA was up 56% year-over-year.
GAAP and adjusted EPS were up even stronger, both more than doubling year-over-year. During Q2, we had unexpectedly strong revenue across engineering and program management. We've also done a good job of converting revenue into free cash flow this year. Given our results for the first half of 2024 and our current momentum, we are raising our full year financial targets which Kim will expand on later. The electric load growth macro trends strengthened during the quarter and I'll talk more about that in a few minutes. I'm proud of our team for delivering another quarter above expectations.