NV5 Global, Inc. reported preliminary unaudited record financial results for the third quarter ended September 28, 2024, on November 7, 2024. Gross revenues for Q3 2024 grew 6% to $250.9 million from $237.5 million in Q3 2023, and gross profit increased 13% to $129.5 million, representing a gross margin expansion of 350 basis points to 51.6%. Net income grew 31% to $17.1 million from $13.1 million in the prior year, with GAAP EPS increasing 29% to $0.27 per share from $0.21 per share.
Cash flows from operating activities in Q3 2024 significantly increased by 145% to $48.9 million from $19.9 million in Q3 2023. Adjusted EBITDA increased 21% to $44.5 million, and the Adjusted EBITDA margin expanded to 17.7% from 15.4% in the prior year quarter. Adjusted EPS grew 22% to $0.44 per share compared to $0.36 per share in Q3 2023.
The company also updated its guidance for the full year 2024, expecting gross revenues between $939 million and $943 million. GAAP EPS is projected to be $0.48 to $0.54 per share, and Adjusted EPS is expected to be $1.15 to $1.19 per share, all adjusted for a 4-for-1 forward stock split. NV5 plans to file a Form 12b-25 for a late filing of its Form 10-Q, with an intent to file by November 12, 2024.
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