Badger Infrastructure Solutions Ltd. Delivers Solid Growth in 2024 Third Quarter Revenue, Adjusted EBITDA and Adjusted Net Earnings
CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. ("Badger", the "Company", "we", "our" or "us") (TSX:BDGI) reported third quarter results today. All results are presented in U.S. dollars unless otherwise stated.
2024 THIRD QUARTER OPERATIONAL HIGHLIGHTS
The Company achieved revenue of $209.4 million, up 7% from 2023.
U.S. revenue was $185.4 million (89% of total revenue), up 10% from 2023.
Canada revenue was $24.0 million (11% of total revenue), down 12% from 2023.
Gross profit margin of 32.5%, up from 32.1% in 2023.
Adjusted EBITDA(1) improved to $58.3 million, up 11% from 2023.
Adjusted EBITDA margin(1) rose to 27.8%, up from 26.9% in 2023.
Revenue per truck per month ("RPT")(1) for the quarter was $46,851, compared to $49,079 in 2023.
Adjusted earnings per share(1) was $0.73 per share, up 6% from 2023.
The Board of Directors has approved the quarterly cash dividend of CAD$0.18 per common share for the third fiscal quarter of 2024, with payment to be made on or after October 15, 2024, to all shareholders of record on September 30, 2024.
The Toronto Stock Exchange ("TSX") has accepted Badger's amended notice of intention to increase the size of its Normal Course Issuer Bid ("NCIB") effective November 4, 2024. During the third quarter of 2024, we purchased 44,400 shares at a weighted average price of CAD $36.95 per share under the NCIB.
"The solid results achieved in Q3 2024 underscore the continued demand for our non-destructive excavation services in our key end markets within the U.S.. Revenue of $209.4 million grew 7% compared to Q3 2023 while Adjusted EBITDA was 11% higher than last year as we continue to focus on improving our margins and profitability. We are pleased with the team's strong performance during the busy construction season which positions Badger for the remainder of the year." said Rob Blackadar, President & Chief Executive Officer.
"We remain focused on executing our pricing, sales and utilization strategies to continue driving revenue growth and profitability, further establishing Badger as the industry leader in non-destructive excavation. We have grown year-to-date revenue in 2024 as compared to the same period in 2023 by 9%, Adjusted EBITDA by 14% and Adjusted earnings per share by 11%." concluded Mr. Blackadar.
FINANCIAL HIGHLIGHTS
Three months ended September 30,
Nine months ended September 30,
($ US thousands except RPT, per share amounts, share information and ratios)
2024
2023
2024
2023
Revenue:
Non-destructive excavation service
198,344
186,834
527,528
487,340
Other
11,032
8,717
30,248
23,313
Total revenue
209,376
195,551
557,776
510,653
RPT - Consolidated (mixed currency)(1)
46,851
49,079
41,970
43,699
RPT - U.S. (USD)(1)
48,206
49,611
44,092
44,290
RPT - Canada (CAD)(1)
42,229
47,534
35,103
42,027
Adjusted EBITDA(1)
58,300
52,700
