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Bird Announces 2025 First Quarter Results; Delivers Strong Margin Accretion and Record Backlog
GlobeNewswire·2025-05-14 21:05

Core Insights - Bird Construction's diversification and strategic focus on key market sectors have led to a resilient business model, driving top-line growth and margin improvement, with over 1.3billioninnewcontractsawardedinQ12025[1][2]−Thecompanyhasarecordbacklogofcontractedandawardedwork,providinggoodvisibilityintorevenuegrowthandmarginaccretionfor2025and2026[1][2]FinancialHighlights−Q12025revenuesincreasedby41.3 billion in new contracts awarded in Q1 2025 [1][2] - The company has a record backlog of contracted and awarded work, providing good visibility into revenue growth and margin accretion for 2025 and 2026 [1][2] Financial Highlights - Q1 2025 revenues increased by 4% year-over-year to 717.6 million, compared to 688.2millioninQ12024[5][4]−NetincomeforQ12025was688.2 million in Q1 2024 [5][4] - Net income for Q1 2025 was 9.4 million, down from 10.0millioninQ12024,whileadjustedearningsincreasedby1410.0 million in Q1 2024, while adjusted earnings increased by 14% to 12.9 million [5][4] - Adjusted EBITDA rose by 41% to 34.1million,withanadjustedEBITDAmarginof4.834.1 million, with an adjusted EBITDA margin of 4.8%, up from 3.5% in the previous year [5][4] Backlog and Contracts - The backlog of contracted work grew by 16.4% to over 4.3 billion, the highest in the company's history, with 1.3billionaddedinQ12025[9][5]−ThependingbacklogattheendofQ12025was1.3 billion added in Q1 2025 [9][5] - The pending backlog at the end of Q1 2025 was 4.0 billion, including over 950millioninrecurringrevenuefrommasterserviceagreements[9][5]RecentProjectsandAwards−InQ12025,Birdwasawardedfiveprojectsvaluedatapproximately950 million in recurring revenue from master service agreements [9][5] Recent Projects and Awards - In Q1 2025, Bird was awarded five projects valued at approximately 470 million, including significant contracts in infrastructure and industrial maintenance [9][5] - Subsequent to Q1 2025, the company announced additional projects worth over 650million,furtherexpandingitsportfolio[9][5]LiquidityandCapitalAllocation−AsofMarch31,2025,Birdhad650 million, further expanding its portfolio [9][5] Liquidity and Capital Allocation - As of March 31, 2025, Bird had 137.8 million in cash and cash equivalents, with an additional 336.7millionavailableunderitscreditfacility,supportinggrowth−relatedinvestmentsandpotentialacquisitions[9][5]−Thecompanydeclareddividendsof336.7 million available under its credit facility, supporting growth-related investments and potential acquisitions [9][5] - The company declared dividends of 0.07 per common share for March and April 2025 [9][5]