Shares of Willdan Group Inc. fell sharply on Friday after the company reported weaker-than-expected quarterly results and a loss, extending declines into a second session.
The energy and infrastructure consulting firm posted a net loss of $1.2 million, or 14 cents per share, for the three months ended March 31, compared with a profit of $3.6 million, or 41 cents per share, in the same period a year earlier. Revenue declined 11% to $98.7 million, missing the consensus estimate of $104.5 million, according to Refinitiv data.
Willdan cited project delays and lower demand in its energy efficiency and engineering segments as key factors behind the shortfall. The company also trimmed its full-year revenue guidance, now expecting between $400 million and $420 million, down from a prior range of $420 million to $440 million.
Analysts at B. Riley Securities downgraded the stock to neutral from buy, citing the weaker outlook and reduced visibility into near-term performance. The firm maintained a $45 price target, but the downgrade contributed to the selloff.
Willdan’s shares were down 11.5% at $34.20 in midday trading, extending losses from Thursday’s 7% decline after the company’s preliminary results were released. The stock has fallen nearly 20% over the past two weeks amid broader market volatility and sector-specific headwinds.
