In This Article:
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Revenue: $3.4 billion for the full year 2024, a 21% increase from 2023.
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Fourth Quarter Revenue: $936.7 million, an 18% increase compared to the same period in 2023.
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EBITDA Margin: Improved by 1.3% to 6.3% for the full year 2024.
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Adjusted EBITDA: $212.8 million for the full year, a 53% increase from 2023.
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Gross Margin: 10.3% in Q4 2024, up from 9.2% in Q4 2023.
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Net Income: $100.1 million for 2024, a 40% increase from 2023.
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Earnings Per Share (EPS): $1.84 for 2024, up from $1.33 in 2023.
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Backlog: $7.6 billion combined backlog, with $3.7 billion contracted and $3.9 billion pending.
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Free Cash Flow Per Share: $1.48 for 2024.
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Return on Equity: Over 30% for 2024.
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Dividend Increase: Monthly dividend increased to $0.07 per share, a 215% increase over the 2022-2024 period.
Release Date: March 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bird Construction Inc (BIRDF) delivered strong financial results in 2024, surpassing strategic plan targets with revenue growing by almost $600 million to $3.4 billion.
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EBITDA margins improved by 1.3% to 6.3%, with adjusted earnings and EBITDA growing at double the pace of revenue.
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The company's backlog remains strong at $7.6 billion, with a diversified and risk-balanced portfolio.
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Bird Construction Inc (BIRDF) has expanded its national infrastructure presence through strategic acquisitions, enhancing its capabilities in various sectors.
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The company has a healthy balance sheet with flexibility to support future growth and continues to deliver value to shareholders through dividends and strategic investments.
Negative Points
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The company faces potential risks from tariffs and geopolitical uncertainties, although it has taken steps to mitigate these risks.
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There is a delay in revenue growth realization, with significant growth expected in the second half of 2025 due to project timing.
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The integration of recent acquisitions like Jacob Brothers and NorCan may present challenges, although they are expected to contribute positively.
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Bird Construction Inc (BIRDF) operates in sectors that require substantial investment, which may be impacted by economic volatility.
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The company's growth strategy relies heavily on large capital investment projects, which can be complex and subject to delays.
Q & A Highlights
Q: Can you explain the drivers behind the revenue growth split between the first and second half of 2025? A: Wayne Gingrich, CFO, explained that the first half of the year will see significant conversions of pending backlog to backlog, potentially around $1.5 billion, setting up the second half well. The growth is not linear, with a strong first half in 2024 due to favorable weather conditions, and the 10% EBITDA growth plus 5% from Jacob Brothers is not applied evenly across quarters.