Business
Bird Construction Inc. Announces 10% Dividend Increase on Strong Outlook for 2023
Bird Construction Inc. Announces 10% Dividend Increase on Strong Outlook for 2023 Canad...
About this update from Bird Construction Inc.
[{"type":"text","content":"\n \n \n \n Bird Construction Inc. Announces 10% Dividend Increase on Strong Outlook for 2023\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Dec. 19, 2022\n \n \n \n /CNW/ - Bird Construction Inc. (BDT.TO, TSX) announced today that its Board of Directors approved a 10% increase in its dividend, effective with the March monthly dividend payable on\n \n April 20, 2023\n \n . This follows the Board's approval of the Company's 2023 annual business plan which anticipates significant growth in earnings per share and adjusted EBITDA.\n \n \n \n \n \n \n \n \n \n \n \n The increased monthly dividend will be\n \n $0.0358\n \n per share corresponding to an annual dividend rate of\n \n $0.43\n \n per share.\n \n \n \n \n \n Teri McKibbon\n \n , President and CEO of Bird, commented, \"It is very gratifying to see the results of our efforts to reposition the Company's business toward a more diversified mix of lower risk collaborative contract formats, as reflected in our 2023 annual business plan. We anticipate healthy revenue growth and stronger margins as our remaining lower margin historical contracts are replaced with new work. The combined effect of higher volume and stronger margins should result in significant growth in our bottom line for 2023, setting the stage for an attractive longer-term outlook.\n \n \n \n \n Although the current business environment poses some challenges, we believe our strong business fundamentals will prevail over the macro factors that are being felt across the industry. We are closing the year with a strong backlog of contracts in hand and a deep pipeline of opportunities which enable us to be selective in achieving our revenue plan with additional favourable contracts.\n \n \n We are pleased to reward our shareholders for their patience with an initial modest dividend increase while still maintaining our expected payout ratio below 40% for 2023 and continuing to strengthen our balance sheet to support additional tuck-in acquisitions.\"\n \n \n \n \n \n FORWARD-LOOKIN...