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Williams Industrial Services Group (NYSE: WLMS) reported fourth-quarter 2022 revenue of $55.8 million, down from $79.2 million year-over-year. The company experienced a net loss of $10.4 million, translating to $(0.40) per diluted share, compared to a profit of $0.8 million in Q4 2021. Adjusted EBITDA was $(7.0) million, significantly lower than $3.6 million in the prior year. As of December 31, 2022, backlog decreased to $333.2 million from $352.7 million in September 2022, with $178.6 million expected to convert to revenue in the next 12 months. The company is currently reviewing strategic alternatives to enhance shareholder value but did not provide guidance for fiscal 2023.
Williams Industrial Services Group Inc. (AMEX: WLMS) will release its fourth quarter financial results for 2022 after market close on March 31, 2023. The management team will host a conference call on April 3, 2023, at 10:00 a.m. Eastern Time, to discuss the results and answer questions. The audio replay will be available later that day. For over 50 years, Williams has provided building, maintenance, and support services to infrastructure customers in the energy, power, and industrial sectors, focusing on safety, innovation, and value delivery.
Williams Industrial Services Group (NYSE: WLMS) announced a fourth amendment to its senior secured term loan and revolving credit facilities as of February 24, 2023, aimed at increasing liquidity for operational funding. This action comes as the company navigates working capital needs driven by expanded scope on a major contract. President and CEO Tracy Pagliara highlighted early 2023 performance improvements with higher revenue trends compared to previous quarters. Williams continues its engagement with Greenhill & Company to review strategic alternatives to enhance shareholder value. No timeline has been set for strategic decisions.
Williams Industrial Services Group Inc. (NYSE American: WLMS) has announced preliminary financial results for the year ending December 31, 2022. The company reported revenues between $235 and $240 million and a gross margin of approximately 2.75% to 3.00%. Adjusted EBITDA was negative, ranging from $4.5 to $3.8 million, influenced by legal settlements and losses in their Florida water business. The company has engaged Greenhill & Co. to explore strategic alternatives, including potential sale options, amid substantial market funding opportunities in nuclear and infrastructure sectors.
Williams Industrial Services Group reported a revenue decline to $56.7 million in Q3 2022 from $73.4 million in Q3 2021, attributed to lower decommissioning and nuclear business. The company recorded net income of $3.6 million ($0.14/share) compared to $0.8 million ($0.03/share) last year. Backlog increased to $352.7 million, with $168.2 million expected to convert to revenue in the next year. However, guidance was adjusted downwards for 2022, with expected revenue now $245-$255 million, alongside margin compressions and anticipated losses in the Florida water business.
Williams Industrial Services Group (NYSE: WLMS) will release its third-quarter financial results on November 14, 2022, post-market. A conference call is scheduled for November 15, 2022, at 10:00 a.m. ET to discuss the results. The company specializes in infrastructure and maintenance services for energy and industrial markets with over 50 years of experience. Their commitment centers on safety, innovation, and delivering value to clients. More information is available at www.wisgrp.com.
Williams Industrial Services Group (WLMS) is set to release its third quarter financial results for the period ending September 30, 2022, after market close on November 10, 2022. A conference call will be held on November 14 at 10:00 a.m. ET to discuss the results, followed by a Q&A session. Williams has been a key player in the infrastructure maintenance sector for over 50 years, providing services in energy, power, and industrial markets, emphasizing safety, innovation, and customer value.