Bird reports first quarter financial results
Bird Construction is reporting revenue of $688.2 million earned in its first quarter, 2024 compared to $536.5 million earned in the prior year quarter, representing a 28.3 per cent increase year-over-year. Net income and earnings per share were $10.0 million and $0.19 in Q1 2024, compared to $5.1 million and $0.10 in Q1 2023, representing increases of 94 per cent. Adjusted earnings and adjusted earnings per share were $10.6 million and $0.20 in Q1 2024, compared to $5.3 million and $0.10 in Q1 2023, representing increases of 101 per cent.
Adjusted earnings before interest, taxes, depreciation and amortization of $24.2 million, or 3.5 per cent of revenues, compared to $16.1 million, or 3.0 per cent of revenues in Q1 2023, representing an increase of 50.4 per cent. Adjusted EBITDA margin for Q1 2024 was impacted by $3.9 million additional share-based compensation costs driven by significant appreciation of Bird's common share price and total shareholder return during the quarter.
“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 specialized self-perform capabilities and recurring revenue,” stated Teri McKibbon, president and CEO.
Bird said its balance sheet remains healthy and structured for flexibility to strategically pursue attractive acquisitions in the current active mergers and acquisitions environment. The company said it is well positioned to continue to capitalize on significant demand across market sectors, supported by macro trends in critical areas that are aligned to longer-term development and investment cycles such as infrastructure requirements driven by urbanization and population growth, growing power and electrification demands, and the energy transition, together upholding the positive outlook through 2024 and beyond.