NV5 Global, Inc. reported a fiscal year 2024 marked by significant financial growth, with gross revenues reaching $941.3 million, a 10% increase from $857.2 million in 2023. The company's net income, however, saw a decline of 36%, falling to $28.0 million from $43.7 million in the previous year. This decrease in profitability was attributed to rising operating expenses, which increased by 20.1% to $439.8 million, driven primarily by higher payroll costs and general administrative expenses. The gross profit margin improved to 51.3%, up from 49.7% in 2023, reflecting a more favorable cost structure in certain service areas.
In terms of strategic developments, NV5 completed eleven acquisitions in 2024, totaling approximately $86.9 million. These acquisitions contributed an incremental $63.8 million to gross revenues, with notable organic growth in international engineering and consulting services, infrastructure services, and geospatial solutions. The company continues to focus on expanding its service offerings to both public and private sector clients, with public sector clients accounting for approximately 63% of total revenues in 2024, consistent with previous years.
Operationally, NV5 reported a total employee headcount of 5,024 as of December 28, 2024, reflecting the impact of its acquisition strategy. The company serves around 11,300 clients, with its ten largest clients contributing approximately 25% of gross revenues. The firm has also emphasized its commitment to enhancing its human capital, aiming to attract and retain qualified professionals to support its growth initiatives.
Looking ahead, NV5's management expressed optimism about future growth, particularly in light of ongoing investments in technology and infrastructure. The company plans to continue pursuing strategic acquisitions to enhance its service offerings and geographic reach. However, management acknowledged potential risks, including economic uncertainties and the cyclical nature of demand from government clients, which could impact future performance. The company remains focused on maintaining its competitive position in the engineering and consulting sectors while navigating these challenges.
About NV5 Global, Inc.
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