Welcome to our dedicated page for North American Construction Group Ltd. news (Ticker: NOA), a resource for investors and traders seeking the latest updates and insights on North American Construction Group Ltd. stock.
North American Construction Group Ltd. (NACG) is a leading provider of heavy civil construction and mining services, operating primarily in the Canadian oil sands. With over 60 years of industry experience, NACG has developed an extensive skill set and resource base capable of supporting both mining and 'in situ' oil sands projects. The company also boasts one of the largest equipment fleets in the oil sands, ensuring it can meet the diverse needs of its clients.
Operating across Canada, the United States, and Australia, NACG's business segments include Heavy Equipment - Canada, Heavy Equipment - Australia, and Other services like mine management and external maintenance programs. The company's recent achievements include the successful acquisition of MacKellar Group, an Australian company specializing in heavy earthmoving equipment, significantly expanding NACG's geographical footprint and operational capabilities.
Core Business and Services:
- Mining Services: Comprehensive support for resource development projects, including both open-pit and underground mining.
- Heavy Civil Construction: Infrastructure development for industrial construction sectors.
- Equipment Maintenance and Rebuild Programs: Ensuring optimal performance and longevity of heavy machinery.
In the latest financial quarter (ending September 30, 2023), NACG reported revenues of $194.7 million, a slight increase from the previous year. The company's heavy equipment fleet and projects like the Fargo-Moorhead flood diversion contributed significantly to these figures. Adjusted EBITDA stood at $59.4 million, reflecting consistent operational efficiency despite challenges from wildfires in Northern Canada and other external factors.
NACG's outlook for 2024 remains positive, bolstered by the successful integration of MacKellar's operations. The company expects free cash flows between $160 to $185 million, driven by its diversified portfolio and robust contract pipeline. Financial stability is further supported by a strong liquidity position, with $154.2 million in available capital liquidity as of September 30, 2023.
Overall, NACG continues to demonstrate resilience and growth, leveraging its extensive experience, diverse service offerings, and strategic acquisitions to maintain its position as a premier provider in the heavy civil and mining sectors.
North American Construction Group (NOA) has announced plans to initiate a normal course issuer bid (NCIB) to repurchase and cancel up to 2,087,577 common shares, representing 10% of the public float and 7.5% of outstanding shares. The company will purchase a maximum of 1,391,364 shares through NYSE and alternative trading systems. The NCIB is scheduled to run from November 4, 2024, to November 3, 2025. NOA believes its shares are undervalued and views the repurchase as an effective use of cash resources that would enhance shareholder liquidity and increase proportionate interests of remaining shareholders.
North American Construction Group (NOA) reported strong Q3 2024 results with combined revenue of $367.2 million, up from $274.8 million year-over-year. The company achieved an Adjusted EBITDA of $106.4 million with a 29.0% margin, significantly improving from $59.4 million and 21.6% in Q3 2023. The Australian operations through MacKellar Group showed strong performance with 84% equipment utilization. The Board declared a quarterly dividend increase of 20% to $0.12 per share. Notable achievements include signing a $375 million five-year contract in Queensland and surpassing 50% completion of the Fargo-Moorhead flood diversion project.
North American Construction Group (NOA) has extended and amended its senior secured credit facility to October 3, 2027. The facility's capacity has been increased to $525 million from $475 million, with additional secured equipment financing of $400 million available from third-party providers (up from $350 million). The credit facility includes Canadian and Australian dollar tranches, features a revolver with no scheduled repayments, and is not governed by a borrowing base. Financial covenants, tested quarterly, remain largely consistent with the previous agreement, except for replacing the fixed charge ratio with an interest coverage ratio.
North American Construction Group (TSX:NOA.TO/NYSE:NOA) has announced the release of its third quarter 2024 financial results on Wednesday, October 30, 2024 after markets close. The company will hold a conference call and webcast on Thursday, October 31, 2024, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) to discuss the results.
Investors can access the call by dialing 1-800-717-1738 (toll-free) with the Conference ID: 86919. A replay will be available until November 29, 2024, by dialing 1-888-660-6264 (toll-free) with the same Conference ID and Playback Passcode: 86919.
A slide deck for the webcast will be available for download the evening before the call on the company's website. The live presentation and webcast can be accessed through a provided registration link.
North American Construction Group (TSX:NOA.TO/NYSE:NOA) has announced that its subsidiary, MacKellar Group, has secured a five-year contract with a leading metallurgical coal producer in Queensland, Australia. The contract, valued at approximately $375 million, involves transitioning hired fleet from dry rental to a fully maintained fleet. Set to expire on September 30, 2029, the agreement includes minimum hour commitments and is expected to be fully operational by mid-2025.
To fulfill the expanded scope, MacKellar will invest $50-$55 million in growth capital, primarily in Q4 2024, for an on-site maintenance facility and twenty additional units. This contract significantly boosts NACG's total contractual backlog to over $3.0 billion, marking the second major long-term mining contract awarded in Australia in 2024.
North American Construction Group (TSX:NOA.TO/NYSE:NOA) announced Q2 2024 results with combined revenue of $329.7 million, a 18% increase from Q2 2023. Adjusted EBITDA was $86.9 million with a 26.3% margin. The company reported net income of $14 million and adjusted EPS of $0.78. Strong performance in Australia offset lower equipment utilization in Canada due to adverse weather. The company updated its full-year 2024 outlook, projecting adjusted EPS of $3.95 to $4.15. Key focus areas include safety, execution, operational excellence, integration of MacKellar Group, diversification, and sustainability. NACG declared a quarterly dividend of $0.10 per share.
North American Construction Group (TSX:NOA.TO/NYSE:NOA) has announced the release of its second quarter 2024 financial results on July 31, 2024, after market close. The company will host a conference call and webcast on August 1, 2024, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) to discuss the results.
Investors can access the call by dialing 1-800-717-1738 (toll-free) with Conference ID: 50329. A replay will be available until September 2, 2024, by dialing 1-888-660-6264 (toll-free) with Conference ID: 50329 and Playback Passcode: 50329. The webcast and slide deck will be accessible on the company's website at www.nacg.ca/presentations/.
North American Construction Group (TSX:NOA/NYSE:NOA) announced the results of its Annual Meeting of Shareholders held on May 15, 2024. Shareholders elected directors and approved both KPMG LLP as independent auditors and a non-binding advisory vote on executive compensation. Key election results include Martin R. Ferron (99.27% for), Vanessa A. Guthrie (98.84% for), and Joseph C. Lambert (98.91% for). KPMG LLP's appointment received a 98.55% approval, and the non-binding advisory vote on executive compensation was approved with 84.95% in favor.
North American Construction Group announced its Q1 2024 results, showcasing combined revenue of $345.7 million, reflecting growth from acquisitions and operational successes. Adjusted EBITDA of $93.3 million and a margin of 27.0% exceeded prior year metrics. Despite challenges in the oil sands region, the company maintained strong performance and strategic diversification efforts. Cash flows decreased due to working capital changes, with net debt at $781.4 million. The company declared a quarterly dividend of $0.10 per share and released its 2024 Sustainability Report, emphasizing environmental, social, and governance initiatives.
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