{"id":815818,"date":"2025-02-20T16:05:48","date_gmt":"2025-02-20T21:05:48","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nv5-announces-fourth-quarter-and-full-year-2024-results-issues-full-year-2025-guidance\/"},"modified":"2025-02-20T16:05:48","modified_gmt":"2025-02-20T21:05:48","slug":"nv5-announces-fourth-quarter-and-full-year-2024-results-issues-full-year-2025-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nv5-announces-fourth-quarter-and-full-year-2024-results-issues-full-year-2025-guidance\/","title":{"rendered":"NV5 Announces Fourth Quarter and Full Year 2024 Results; Issues Full Year 2025 Guidance"},"content":{"rendered":"
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HOLLYWOOD, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) — NV5 Global, Inc. (Nasdaq: NVEE) (“NV5” or the “Company”)<\/strong>, a provider of technology, conformity assessment, consulting solutions, and software applications, today reported financial results for the fourth quarter and full year ended December\u00a028, 2024.<\/p>\n

“NV5 delivered a strong performance in 2024, with 10% growth in gross revenues and a 13% increase in gross profit over 2023, and strong organic growth and increased profitability in all three segments of NV5\u2019s business. We enter 2025 with a robust backlog and tailwinds in our target sectors. NV5\u2019s focus on mandated, non-discretionary testing, inspection, and certification (TIC) and engineering services mitigates impacts from economic cycles, and the results of our strategic organic growth initiatives in 2024 continue to drive our growth as we enter 2025. We completed acquisitions in 2024 to strengthen key recurring TIC service areas, including data center commissioning, fire protection consulting, building digitization, and water resources. Our pipeline of acquisition targets remains strong in 2025, and we anticipate further acquisitions to strengthen our platform,” said Ben Heraud, CEO of NV5.<\/p>\n

\n Fourth<\/strong>
\n Quarter <\/strong>
\n 2024<\/strong>
\n Financial Highlights<\/strong>
\n 1<\/sup>\n <\/p>\n

Gross revenues in the fourth quarter of 2024 were $246.5 million compared to $214.9 million in the fourth quarter of 2023, a 15% increase, and our gross profit increased 13% to $122.2 million.<\/p>\n

Net income in the fourth quarter of 2024 was $5.4 million compared to $10.1 million in the fourth quarter of 2023. Net income includes increases of $3.9\u00a0million in acquisition-related costs, of which $2.4\u00a0million related to earn-out fair value adjustments, and increases of $2.3 million in intangible amortization expense as a result of recent acquisitions. Additionally, the fourth quarter of the previous year included a $5.2\u00a0million expense reduction associated with a flexible time off policy initiative. Our GAAP EPS in the fourth quarter of 2024 was $0.09 per share compared to $0.16 per share in the fourth quarter of 2023.<\/p>\n

Our Adjusted EBITDA in the fourth quarter of 2024 was $36.3 million compared to $36.7 million in the fourth quarter of 2023. Adjusted EBITDA Margin on gross revenues were consistent at 14.7% when further adjusted for the one-time benefit of changes to our flexible time off initiative in 2023. Our Adjusted EPS was $0.28 per share in both periods.<\/p>\n

\n Full Year <\/strong>
\n 2024<\/strong>
\n Financial Highlights<\/strong>
\n 1<\/sup>\n <\/p>\n

Gross revenues in 2024 were $941.3 million compared to $857.2 million in 2023, a 10% increase, and our gross profit increased 13% to $483.2 million. This represents a gross margin expansion of 160 basis points to 51.3%.<\/p>\n

Net income in 2024 was $28.0 million compared to $43.7 million in 2023. Net income reflects an increase of $9.6 million in amortization expense as a result of recent acquisitions, an increase of $4.2 million in interest expense this year as a result of higher debt balances, and an increase of $11.2\u00a0million in acquisition-related costs primarily driven by $9.9 million in earn-out fair value adjustments. The previous year included a $5.2\u00a0million reduction in expense associated with a flexible time off policy initiative. Our GAAP EPS in 2024 was $0.44 per share compared to $0.71 per share in 2023. Our net leverage remains low at 1.4x.<\/p>\n

Our Adjusted EBITDA increased 7% to $143.5 million from $133.8 million. The previous year included the flexible time-off initiative expense reversal. Our Adjusted EPS in 2024 was $1.14 per share compared to $1.15 per share in 2023.<\/p>\n

\n Fiscal Year 2025 Guidance<\/strong>\n <\/p>\n