Business
North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024
ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. ("NAC...
About this update from North American Construction Group Ltd.
[{"type":"text","content":"North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024\n\n\n\n ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (\"NACG\") (TSX:NOA/NYSE:NOA) today announced results for the fourth quarter and year ended December 31, 2024. Unless otherwise indicated, figures are expressed in Canadian dollars with comparisons to prior periods ended December 31, 2023.\n \n\n\n Fourth Quarter\n \n\n 2024\n \n\n Highlights:\n \n\n\n\n Combined revenue of $372.7 million, compared to $405.4 million in the same period last year. Reported revenue of $305.6 million, compared to $328.3 million in the same period last year, was generated by our wholly owned subsidiaries as incremental scopes and strong equipment utilization of 82% in Australia were more than offset by lower demand for our Canadian heavy equipment fleet when comparing to 2023 Q4.\n \n\n Our net share of revenue from equity consolidated joint ventures was $67.1 million in 2024 Q4 and compared to $77.1 million in the same period last year as the consistency in the Fargo and MNALP joint ventures were offset by lower scopes being completed within the Nuna Group of Companies.\n \n\n Adjusted EBITDA of $103.7 million and margin of 27.8% compared favorably to the prior period operating metrics of $101.1 million and 24.9%, respectively, as operational excellence in both Australia and Canada drove margin improvements.\n \n\n Combined gross profit for the quarter was $54.3 million and a margin of 14.6%. When adjusting for $10.1 million of integration costs incurred and $8.9 million of claims extinguished to secure long-term contracts, the resulting 19.7% reflects operational performance and compares favorably to 18.3% posted in the same period last year.\n \n\n Cash flows generated from operating activities of $97.0 million were lower than the $168.6 million generated in the prior period as higher cash generation from the strong EBITDA was offset by the temporary impact of changes to working capital in the quarter.\n \n\n Free cash flow generated in the quarter was $50.5 million as operational earnings were offset by routine capital maintenance and cash interest expenses with working capital and capital work in process balances generating positive cash in the quarter.\n \n\n Net debt was $856.2 millio...