In section Market Quotes
Bird Construction shares gained 2% after the Canadian company reported third-quarter construction revenue of C$1.3 billion, up 37% from a year earlier and above analyst expectations of C$1.16 billion, according to a FactSet survey.
The shares traded at C$78.41, or US$55.01, after reaching C$79.38 earlier in the morning. Bird said about 90% of the revenue increase came from organic growth across its industrial, buildings and infrastructure businesses.
Margins also improved. Gross profit as a share of revenue rose to 11.8% from 10.7%, while the adjusted earnings before interest, taxes, depreciation and amortization margin increased to 8.2% from 7%.
Net income climbed to C$51.1 million, or C$0.92 a share, from C$31.7 million, or C$0.57 a share, a year earlier. Adjusted earnings were C$1.13 a share, exceeding analysts’ forecast of C$0.91.
Bird added more than C$1.6 billion to its backlog during the quarter, bringing the total to C$6.4 billion at quarter-end.
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