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Dexterra Group Inc. (symbol: HZNOF) is a leading provider of support services for infrastructure creation, management, and operation across Canada. With over 8,500 employees, Dexterra delivers innovative solutions in facilities management, regional expertise, workforce accommodations, and modular building capabilities for public and private sector clients. The company has reported strong financial performance, including a record Adjusted EBITDA of $100.6 million in 2023, driven by growth in the Integrated Facilities Management (IFM) and Workforce Accommodations, Forestry, and Energy Services (WAFES) business units. Recent acquisitions and strategic decisions, such as the sale of the Modular Solutions business and the acquisition of CMI Management LLC, position Dexterra for future success.
Dexterra Group reported Q3 2024 results with consolidated revenue of $269.7 million, up 1.5% from Q3 2023. Adjusted EBITDA was $32.0 million, compared to $38.2 million in Q3 2023. Free Cash Flow improved to $11.9 million, up from $10.2 million last year. Net earnings from continuing operations were $13.4 million. The company completed the sale of its Modular business on August 30, 2024, focusing on core Support Services. IFM segment revenue increased 25.2% to $99.7 million, while WAFES revenue decreased to $170.1 million due to normalized wildfire activity.
Dexterra Group Inc. (TSX: DXT) has announced the release date for its Q3 2024 financial results and the details of the accompanying conference call. The company will publish its Q3 2024 results on November 5, 2024, after market close. A conference call and webcast are scheduled for November 6, 2024, at 8:30 a.m. Eastern Time.
Investors can access the conference call by dialing 1-844-763-8274. A live webcast will be available on Dexterra's website at dexterra.com/investor-presentations-events/. The company will also post a presentation on its website on November 5, 2024, for review during the call.
An archived recording of the conference call will be accessible until December 6, 2024, by dialing 1-855-669-9658 with passcode 5076311.
Dexterra Group Inc. (TSX: DXT) has received approval from the Toronto Stock Exchange (TSX) to amend its normal course issuer bid (NCIB), increasing the maximum number of common shares that can be acquired to 3,207,361 or approximately 5.0% of its issued and outstanding shares. The increase, effective October 16, 2024, allows for the repurchase and cancellation of an additional 3,041,761 common shares. Fairfax Financial Holdings , which currently holds about 49.67% of Dexterra's shares, will be permitted to maintain its proportionate interest through the end of 2024.
Dexterra believes that its shares are undervalued and that the NCIB represents an attractive investment opportunity. The company has also announced the continuation of its automatic share purchase plan (ASPP) with a designated broker, allowing for share purchases during blackout periods. The NCIB and ASPP will terminate on the earliest of: reaching the maximum annual purchase limit, NCIB expiration, or Dexterra's termination of the ASPP.
Dexterra Group Inc. (TSX: DXT) has successfully closed the sale of its NRB Modular Solutions business to ATCO Structures & Logistics for a purchase price of $40 million, subject to normal closing adjustments. This strategic move, previously announced, allows Dexterra to focus on growing and optimizing its core support services segments.
Mark Becker, CEO of Dexterra, expressed well wishes to the NRB team and ATCO as they continue to deliver quality modular projects. The sale marks a significant shift in Dexterra's business strategy, streamlining its operations and potentially improving its financial position.
Dexterra Group Inc. reported strong Q2 2024 results with consolidated revenue of $253.6 million, an 18.1% increase from Q2 2023. Adjusted EBITDA was $29.3 million, up from $25.2 million in Q2 2023. Net earnings from continuing operations were $12.2 million, with earnings per share of $0.19. The IFM and WAFES business units drove growth, with IFM revenue up 31% and WAFES revenue up 11.4% year-over-year. Free Cash Flow improved to $10.1 million year-to-date. The company declared a Q3 2024 dividend of $0.0875 per share. The sale of the Modular business is expected to close in August 2024.
Dexterra Group Inc. (TSX: DXT) has announced the release date for its Q2 2024 financial results and subsequent conference call details. Key points:
- Q2 2024 results will be released on August 6, 2024, after market close
- Conference call and webcast scheduled for August 7, 2024, at 8:30 a.m. Eastern Time
- Presentation will be available on Dexterra's website prior to the call
- Conference call dial-in number: 1-844-763-8274
- Webcast accessible via Dexterra's website
- Archived recording available until September 7, 2024
This announcement provides investors and analysts with the necessary information to participate in Dexterra's Q2 2024 earnings discussion.
Dexterra Group announced the sale of 329 space rental units owned by Gitxaala Horizon North Services Partnership, a joint venture in which Dexterra holds a 49% stake. The sale price of $20.45 million aligns with the net book value of the assets. This strategic move allows Dexterra to manage its Energy Services assets proactively and aligns with its focus on Support Services. The transaction also enables Dexterra to pay down debt and optimize its asset portfolio. The Gitxaala First Nation partnership remains robust, and Dexterra looks forward to ongoing collaboration in the region.
Dexterra Group Inc. (TSX: DXT) announced the successful election of all nine director nominees at its annual meeting of shareholders held on June 20, 2024. The nominees, listed in the management information circular dated May 1, 2024, received high approval ratings, with most securing 99.95% votes in favor. The specific voting results showed overwhelming support for directors like Mary Garden, David Johnston, and others. Additionally, all resolutions presented at the meeting were approved by the required number of votes. For detailed voting results and the management presentation, shareholders can visit Dexterra's website or SEDAR's profile at sedarplus.ca.
Dexterra Group has signed a purchase agreement to sell its NRB Modular business to ATCO Structures for $40 million in cash. The transaction, subject to closing adjustments and conditions, is slated to complete by the end of July 2024. This sale aims to simplify Dexterra's operations, enable management to concentrate on core support services, and reduce debt. NRB, a leading modular solutions provider for 45 years, will now continue its legacy under ATCO's leadership, which plans to expand NRB’s capabilities, particularly in manufacturing multi-family and affordable housing solutions.
Dexterra announces the renewal of its normal course issuer bid (NCIB) approved by the Toronto Stock Exchange, effective from May 23, 2024, to May 22, 2025. The NCIB allows Dexterra to repurchase up to 165,600 common shares, less than 1% of the total 64,147,229 shares outstanding as of May 16, 2024. Dexterra believes its shares are undervalued and considers the repurchase an attractive investment. Under the previous NCIB, Dexterra repurchased 1,134,400 shares at an average price of C$5.78 each, totaling C$6,556,832. The company also entered an automatic share purchase plan (ASPP) with a broker to facilitate repurchases during trading black-outs.
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