Q2 2024 NV5 Global Inc Earnings Call Transcript
Key Points
- NV5 Global Inc (NVEE) reported strong organic growth and profitability in Q2 2024.
- The company's backlog increased to $877 million, representing a 5% increase over Q1 2024 and a 9% increase over Q2 2023.
- Gross revenues grew by 6% to $236.3 million compared to the same quarter last year.
- Gross profit increased by 12%, with gross margins expanding by 270 basis points to 52.2%.
- The company raised its full-year guidance for gross revenues to $944 million to $950 million and adjusted EPS to $5.13 to $5.20 per share.
- Net income decreased to $7.9 million from $15.4 million in the same quarter last year.
- GAAP diluted EPS dropped to $0.50 from $1 per share in the prior year period.
- The company experienced nonrecurring costs related to the VIS acquisition, impacting financial results.
- Cash flow was affected by working capital needs, resulting in a use of $11.3 million of cash from operations in Q2.
- Interest expense increased by $1 million quarter-over-quarter.
Good afternoon, everyone, and thank you for participating in today's conference call to discuss NV5's financial results for the second-quarter 2024 ended July 29, 2024. Joining us today are Dickerson Wright, Executive Chairman of NV5; Edward Codispoti, CFO of NV5; Alex Hockman, CEO of NV5 infrastructure; Ben Heraud, CEO of NV5 buildings and technology; Dan Levine, President, geospatial at NV5; and Richard Tong, Executive Vice President and General Counsel at NV5. I would now like to turn the call over to Richard Tong.
Thank you, operator. Welcome, everyone, to NV5's Second Quarter 2024 Earnings Call. Before we proceed, I would like to notify all participants that today's presentation can be found on ir.nv5.com and remind everyone that today's discussion contains forward-looking statements about the company's future business and financial performance. These are based on management's current expectations and are subject to risks and uncertainties. Factors that could cause actual results to
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