WLMS - Williams Industrial Services slashes FY guidance on one-time costs project delays

• Williams Industrial Services ( NYSE: WLMS ) on Thursday slashed its 2022 guidance , citing multiple one-time costs and project delays.
• WLMS expects 2022 revenue of $275M-$295M, well below consensus estimate of $315.28M. Its prior outlook was $305M-$325M.
• Adj. EBITDA is projected to be $5M-$7.5M vs. prior outlook of $10M-$12.5M.
• WLMS estimates gross margin to be 9-9.5% vs. prior outlook of 10.5-11%.
• WLMS CEO Tracy Pagliara said the one-time costs include additional start-up costs associated with transmission and distribution business; further litigation expense related to a competitor and former employee; and continued margin pressure pertaining to Florida projects, which are expected to be substantially complete this year.
• "In addition, some awards and project work have been delayed until H2, dampening revenue projections," she added.
• But WLMS said its pipeline – ~$400M vs. ~$360M at the end of Q1 – is expected to drive material increases to backlog in the coming quarters.

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