Williams Industrial Q2 Result Tops Consensus, Notes Weak Margins

Williams Industrial Services Group Inc WLMS reported second-quarter revenue growth of 26.2% year-over-year to $91.6 million, beating the consensus of $83.18 million.
EPS improved to $0.11 from $0.10 in 2Q20, beating the consensus of $0.10.
The gross margin contracted by 270 bps to 10.2%.
The operating income decreased to $2.7 million from $3.77 million last year, and the margin contracted by 220 bps to 3%.
Adjusted EBITDA decreased by 2% Y/Y to $4.88 million, and margin contracted by 155 bps to 5.3%.
Williams Industrial's cash used in operating activities year-to-date reduced to $1.4 million, compared to $9.39 million a year ago.
At the end of the quarter, the company's backlog was $664.4 million, up 44.2% from $460.6 million as of March 31, 2021.
FY21 Outlook: Williams Industrial reaffirmed revenue outlook of $310 million - $320 million vs. consensus of $310.75 million.
Guidance for the gross margin of 11% - 13%, and Adjusted EBITDA of $16 million - $18 million is unchanged.
Price Action: WLMS shares are trading lower by 0.88% at $4.52 on the last check Wednesday.