FLINT Announces Third Quarter 2024 Financial Results
CALGARY, Alberta, Nov. 05, 2024 (GLOBE NEWSWIRE) -- FLINT Corp. ("FLINT" or the "Company") (TSX:FLNT) today announced its results for the three and nine months ended September 30, 2024. All amounts are in Canadian dollars and expressed in thousands of dollars unless otherwise noted.
"EBITDAS" and "Adjusted EBITDAS" are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.
"In the third quarter, we reached record levels of activity with $211.6 million in revenue and successfully executed 13 turnarounds. Adjusted EBITDAS rose by 24.4% year over year. Our dedication to client-centric service and on-time, on-budget contract execution will continue to drive our growth" said Barry Card, Chief Executive Officer.
"We successfully onboarded over 850 new employees in the third quarter, reaching a workforce high of 4,450 in September. Over 2 million exposure hours were worked throughout the quarter without a single recordable incident, showcasing our commitment to safety as it is an integral part of how we deliver services to our clients daily," added Mr. Card.
THIRD QUARTER HIGHLIGHTS
Revenue for the three months ended September 30, 2024 was $211.6 million, representing an increase of $24.6 million or 13.1% from the same period in 2023 and an increase of $46.7 million or 28.3% from the second quarter of 2024.
Gross profit for the three months ended September 30, 2024 was $23.8 million, representing an increase of $4.0 million or 20.3% from the same period in 2023 and an increase of $5.8 million or 32.1% from the second quarter of 2024.
Gross profit margin for the three months ended September 30, 2024 was 11.2%, as compared to 10.6% in the same period in 2023 and 10.9% in the second quarter of 2024.
Adjusted EBITDAS for the three months ended September 30, 2024 was $13.4 million, representing an increase of $2.6 million or 24.4% from the same period in 2023 and an increase of $5.1 million or 61.7% from the second quarter of 2024.
Adjusted EBITDAS margin was 6.3% for the three months ended September 30, 2024 representing an increase of 0.5% from the same period in 2023 and an increase of 1.3% from the second quarter of 2024.
Selling, general and administrative ("SG&A") expenses for the three months ended September 30, 2024 were $10.9 million, representing an increase of $1.9 million or 20.9% from the same period in 2023 and an increase of $0.8 million or 7.4% from the second quarter of 2024. As a percentage of revenue, SG&A expenses for the three months ended September 30, 2024 was 5.2%, as compared to 4.8% in the same period in 2023 and 6.2% in the second quarter of 2024.
Liquidity, including cash and available credit facilities, was $48.6 million at September 30, 2024, as compared to $34.4 million at September 30, 2023.
New contract awards and renewals totaled approximately $67.4 million for the three months ended September 30, 2024 and $18.3 million for the month of October. Approximately 85% of the work is expected to be completed in 2024.
THIRD QUARTER FINANCIAL RESULTS
($ thousands, except per share amounts)
Three months ended September 30,
Nine months ended September 30,
2024
2023
% Change
2024
2023
% Change
Revenue ($)
211,594
187,017
13.1
522,779
506,063
3.3
Gross Profit ($)
23,757
19,740
20.3
54,745
50,368
8.7
Gross Profit Margin (%)
11.2
10.6
0.6
10.5
10.0
0.5
Adjusted EBITDAS(1)
13,433
10,796
24.4
24,926
24,134
3.3
Adjusted EBITDAS Margin (%)
6.3
5.8
0.5
4.8
4.8
—
SG&A ($)
10,934
9,045
20.9
31,171
26,785
16.4
SG&A Margin (%)
5.2
4.8
0.4
6.0
5.3
0.7
Net income (loss) from continuing operations ($)
5,305
2,789
90.2
