The company is forecasting continued growth and margin expansion for the remainder of the year. Credit: TippaPatt via Shutterstock.

Bird Construction reported a net income of C$21.39m ($15.56m) for the second quarter (Q2) of 2024, an increase from C$13.7m in the same period last year.  

Basic and diluted earnings per share rose to C$0.40 from C$0.26 in Q2 2023. 

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Construction revenue for Q2 2024 climbed to C$873.54m, up from C$686.41m in the previous year’s quarter, with more than 90% of this growth coming from organic sources.  

The year-over-year increase was also boosted by the acquisition of NorCan in January.

In June, the company entered into a definitive agreement to acquire civil infrastructure contractor Jacob Bros Construction for approximately C$135m.  

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Adjusted earnings before interest, taxes, depreciation, and amortisation for the quarter rose to C$46.56m from C$29.45m in Q2 2023. 

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Bird Construction president and CEO Teri McKibbon said: “Bird’s continued momentum through the second quarter, with over 27% revenue growth and further margin accretion, is a direct result of the company’s strategy, strong team and the quality of our collaborative work programmes and backlog.  

“Our strategic focus on key sectors, coupled with strong execution and disciplined project selection is driving performance, and supports our expectations for continued growth and margin expansion through the remainder of 2024 and beyond.” 

For the first half (H1) of 2024, Bird Construction achieved a net income of C$31.38m, up from C$18.86m in H1 2023.  

Construction revenue for H1 2024 was C$1.56bn, compared to C$1.22bn in H1 2023. 

During Q1 2024, net income was C$9.98m, marking a 114.32% difference from Q2 2024.

Construction revenue in Q2 2024 decreased by 26.93% from C$688.2m in Q1 2024.