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.
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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.
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By GlobalDataNACG 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.
