NACG reports rise in Q2 2024 net income 

The company also saw an increase in its gross profit for the period.

Upasana Mukherjee August 01 2024

North American Construction Group (NACG) has recorded a net income of C$14.007m ($10.13m) in the second quarter (Q2) of 2024, a 14.24% rise from C$12.26m recorded in the same period last year. 

The company's basic net income per share increased to C$0.52 from C$0.46 year-on-year while diluted net income per share also improved to C$0.47 from C$0.42.  

Revenue for the quarter ending 30 June 2024 surged to C$276.31m, marking a rise from C$195.18m in Q2 2023.  

This revenue growth is attributed to equipment usage rates of 82% in Australia, despite being partially offset by reduced operating hours in the oil sands region due to adverse weather conditions. 

NACG's gross profit reached C$49.66m in Q2 2024, an increase from C$21.59m in the previous year.  

The company's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q2 2024 stood at C$86.88m, up from C$51.83m in Q2 2023. 

NACG president and CEO Joe Lambert said: “I am encouraged by the underlying fundamentals of our business. Our drive for operational excellence day in, day out remains strong as ever and I am proud of the operating culture we have here at NACG.  

“In reviewing our medium and long-term outlooks with our operational and estimating teams in Australia and Canada, we have much to be excited about in the second half of 2024, full-year 2025 and beyond.” 

In the six months ended 30 June 2024, net income was C$25.37m, adjusted EBIT was C$91.47m, and adjusted EBITDA was C$180.13m. 

Looking ahead to the full year, NACG forecasts its adjusted EBITDA to range between C$395m and C$415m. 

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