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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.
Dexterra Group Inc. reported a consolidated revenue of $231.6 million for Q1 2024, a 7.2% increase from Q1 2023, driven by new contracts in IFM and strong activity in WAFES. Adjusted EBITDA was $19.6 million, slightly down from $19.8 million in Q1 2023. Net earnings from continuing operations stood at $4.4 million, while the net loss, impacted by discontinued Modular operations, was $3.6 million. Free Cash Flow improved to $10.6 million from a deficit of $5.1 million in Q1 2023. The acquisition of CMI enhanced Dexterra's U.S. IFM presence. However, debt increased to $132.7 million, primarily due to the CMI acquisition and capital expenditures.