- Bird Construction (TSX:BDT) announced its Q4 and annual results for 2024, showcasing a robust performance that includes a C$0.6 billion revenue growth and a 6.3 per cent adjusted EBITDA margin
- Bird’s 2024 fiscal year was marked by significant achievements, with revenue growing by 21 per cent over 2023 to reach C$3,397.3 million
- In the fourth quarter of 2024, Bird earned C$936.7 million in construction revenue, an 18 per cent increase from the same period in 2023
- Bird Construction stock (TSX:BDT) opened trading at C$20.99
Bird Construction (TSX:BDT) announced its Q4 and annual results for 2024, showcasing a robust performance that includes a C$0.6 billion revenue growth and a 6.3 per cent adjusted EBITDA margin. In a media update, the company has also affirmed its 2025-2027 Strategic Plan targets, setting the stage for continued growth and profitability.
Performance highlights
Bird’s 2024 fiscal year was marked by significant achievements, with revenue growing by 21 per cent over 2023 to reach C$3,397.3 million. Net income for the year was C$100.1 million, a 40 per cent increase from 2023, while earnings per share rose to C$1.84. Adjusted earnings and adjusted earnings per share also saw substantial increases, reaching C$111.3 million and C$2.04, respectively.
Adjusted EBITDA for the year was C$212.8 million, representing a 53 per cent increase from 2023. The adjusted EBITDA margin improved to 6.3 per cent, despite additional share-based compensation costs driven by the appreciation of Bird’s common share price.
Q4 performance
In the fourth quarter of 2024, Bird earned C$936.7 million in construction revenue, an 18 per cent increase from the same period in 2023. Net income for the quarter was C$32.5 million, with earnings per share of $0.59. Adjusted earnings and adjusted earnings per share for Q4 were C$37.3 million and $0.67, respectively.
The company’s adjusted EBITDA for the fourth quarter was C$71.9 million, or 7.7 per cent of revenues, reflecting a 64 per cent increase from Q4 2023. This growth was driven by both organic sources and recent acquisitions, including Jacob Bros and NorCan.
Achievements and future plans
Bird’s strong performance in 2024 allowed the company to surpass its 2022-2024 Strategic Plan targets. In October 2024, Bird unveiled its 2025-2027 Strategic Plan, focusing on future organic growth and profitability. The company continued to pursue accretive acquisitions, expanding its self-perform capabilities and diversifying operations across Canada.
Bird enters 2025 with a strong balance sheet and record liquidity. The company remains committed to a balanced capital allocation strategy, targeting a dividend payout ratio of 33 per cent of net income while retaining two-thirds of net income to support growth and strategic investments.
Notable projects and contracts
Bird was awarded several significant projects and contracts after the quarter end, including:
- Five projects with a combined value of approximately C$470 million.
- An Integrated Project Delivery (IPD) model project in Atlantic Canada.
- Two new buildings supporting Ontario Power Generation’s nuclear program.
- Civil infrastructure work with the Government of B.C.
- Two multi-year agreements in the industrial maintenance sector.
- A recreation centre redevelopment project in B.C.
Bird, as part of its joint venture Rail Connect Partners, also signed an agreement with Metrolinx to deliver the East Harbour Transit Hub in Toronto.
Dividend and financial position
Bird declared eligible dividends of C$0.07 per common share for March and April 2025. The company has increased its dividend for three consecutive years, reflecting a total increase of 215 per cent.
With a backlog of C$3.7 billion and pending backlog of C$3.9 billion, Bird is well-positioned for continued success. The company’s strong financial performance and strategic initiatives underscore its commitment to delivering value to shareholders and driving sustainable growth.
Bird Construction is an older than 100-year-old construction company offering comprehensive services in all of Canada’s major markets.
Bird Construction stock (TSX:BDT) opened trading at C$20.99 and has risen 10.56 per cent since this time last year.
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(Top image via Bird Construction.)