The following is a summary of the Bird Construction Inc. (BIRDF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Bird Construction reported a 28% revenue growth, executing almost $700 million of work in Q1, setting a trailing 12 months revenue at almost $3 billion.
The reported adjusted EBITDA improved to $24 million, or 3.5% of revenue, marking a 3% increase from Q1 2023.
Bird Construction reported a net income of $10 million and earnings per share of $0.19.
The company increased their cash flow from operations and the company's backlog, adding $700 million to the backlog in the first quarter.
Business Progress:
The company's future growth is predicted to be driven primarily by energy transition, population growth, infrastructure modernization, and sectors critical to these areas.
Bird has entered into an alliance agreement with Metrolinx to deliver the East Harbor Transit Hub in Toronto, demonstrating their emphasis on collaborative project delivery.
Bird Construction's growth and diversification continue, capitalizing on their reputation for delivering complex projects across key sectors and pursuing M&A opportunities.
The company plans to retain over two-thirds of net income for growth post-2024, balancing financial strength, expansion, and shareholder returns.
More details: BIRD CONSTRUCTION INC IR
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