Bird Construction has reported a net income of C$9.98m ($7.32m) for the first quarter (Q1) of 2024, marking an increase of approximately 94% compared to C$5.14m in the same period of 2023.
The company's construction revenue for the quarter ending 31 March 2024 also rose by 28.3% to C$688.20m from C$536.45m in the previous year's corresponding quarter.
This increase is attributed to acquisitions, including NorCan on 18 January, and a full quarter of contributions from Trinity, acquired in February 2023.
Basic and diluted earnings per share for the quarter reached C$0.19, up from C$0.10 in Q1 2023.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the reported quarter also climbed to C$24.18m from C$16.08m in Q1 2023.
The adjusted EBITDA margin for Q1 2024 was impacted by an additional C$3.9m in share-based compensation costs.
This is said to be driven by the appreciation of Bird's common share price and total shareholder return during the quarter.
Bird added C$697.7m in securements to its backlog in the first quarter, maintaining record backlog levels of C$3.5bn as of 31 March 2024.
The pending backlog of work awarded but not yet contracted remains at C$3.4bn at quarter-end, which includes almost C$1.0bn of MSA and other recurring revenue to be earned over the next six years.
Bird president and CEO Teri McKibbon said: “Bird continues to deliver strong results, with 28% year-over-year revenue growth and margin accretion setting the stage for significant further improvements in earnings and cash flow for full-year 2024 over 2023.
“The company’s combined backlog of contracted and awarded work continues to grow with favourable embedded margins, and the accretive acquisition of NorCan Electric in January added new specialised self-perform capabilities and recurring revenue to Bird's already extensive resume.”
Looking ahead, Bird anticipates retaining in excess of 66% of net income on a full-year basis to support organic growth and strategic mergers and acquisitions.
