Thursday, February 29, 2024
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q Results. Contract revenues were $201.6 million, up 2.8% y-o-y. We estimated revenue at $190 million. Adjusted net income for the quarter was at $2.6 million, or $0.08 per share, compared to an adjusted net loss of $3.7 million, or a loss of $0.12 per share, last year. Adjusted EBITDA was at $14.8 million from $3.2 million the prior year. We had estimated adjusted net income of $1.27 million, or $0.04 per share, and adjusted EBITDA of $11.6 million.
Margin Improvement. Gross margin improved to 11.4% in 4Q23, up from 5.2% in 4Q22. Adjusted EBITDA margin increased to 7.3% from 1.6% y-o-y. We believe management’s strategic plan to deliver profitable growth to be the key difference. Higher quality projects and improved execution are sustainable, in our view.
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