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Canada's Bird Construction Q3 results beat estimates on growth across business segments

By Reuters News


Overview

  • Canada construction firm's Q3 revenue rose 36.7% yr/yr on broad-based organic growth

  • Adjusted EPS for Q3 beat analyst expectations

  • Adjusted EBITDA for Q3 beat analyst expectations


Outlook

  • Bird says record C$13.0 bln backlog and pending backlog provide visibility into future growth

  • Company says it is confident in achieving its 2027 Strategic Plan goals

  • Bird expects continued growth supported by diversified opportunities across key sectors


Result Drivers

  • ORGANIC GROWTH - Nearly 90% of Q3 revenue growth was organic, driven by strong execution across Industrial, Buildings and Infrastructure businesses

  • MARGIN EXPANSION - Improved gross profit percentage and adjusted EBITDA margin contributed to earnings growth

  • LEGAL CLAIM RESOLUTION - Adjusted EBITDA margin benefited from favourable resolution of a historical construction-related legal claim


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Construction Revenue

C$1.30 bln

Q3 Adjusted EPS

Beat

C$1.13

C$0.91 (8 Analysts)

Q3 Adjusted Net Income

Beat

C$62.63 mln

C$50.32 mln (4 Analysts)

Q3 Net Income

C$51.10 mln

Q3 Adjusted EBITDA

Beat

C$106.31 mln

C$92.77 mln (8 Analysts)

Q3 Basic EPS

C$0.92


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the construction & engineering peer group is "buy"

  • Wall Street's median 12-month price target for Bird Construction Inc. is C$87.00, about 19.5% above its November 10 closing price of C$72.80

  • The stock recently traded at 20 times the next 12-month earnings vs. a P/E of 21 three months ago


Reuters Recommended Reads

  • Nov 10 - Caterpillar dealer Finning's Q3 revenue beats on Canada strength

  • Nov 10 - Canada's Calfrac Q3 net income more than triples on stronger North America results

  • Nov 9 - Babcock & Wilcox Q3 revenue more than doubles driven by an increase in large project volume


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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