North American C Stock Price, News & Analysis

North American Construction Group (NOA) reported Q4 2024 financial results with combined revenue of $372.7 million, down from $405.4 million in Q4 2023. The company achieved an Adjusted EBITDA of $103.7 million with a 27.8% margin, improving from $101.1 million and 24.9% in the prior year.

Key operational highlights include equipment utilization of 82% in Australia and 54% in Canada. The quarter saw gross profit of $54.3 million with a 14.6% margin, impacted by $10.1 million in integration costs and $8.9 million in claims settlements. Free cash flow was $50.5 million, and net debt decreased by $26.3 million to $856.2 million.

Notable contract awards include a $125 million heavy civil construction project, a $500 million extended regional services contract in oil sands, and a $100 million early works contract in New South Wales, Australia. The company also achieved 60% completion of the Fargo-Moorhead flood diversion project.

North American Construction Group (NOA) has announced the rescheduling of its Q4 2024 financial results release and conference call due to the impacts of Cyclone Alfred in Queensland, Australia. The results will now be released on March 19, 2025, followed by a conference call on March 20, 2025.

The delay is attributed to two factors: First, additional time needed for completing year-end reporting processes in the Heavy Equipment - Australia segment, requiring incremental verification of parts and supply inventories due to first-year SOX reporting requirements. This segment was acquired by NACG on October 1, 2023. Second, Cyclone Alfred's impacts since March 5, 2025, including flooding, power outages, and travel restrictions, have hindered site access for inventory verification.

The company confirms that routine mine site operations remain unaffected by the cyclone, with impacts expected to fully subside by March 14, 2024.

North American Construction Group (NOA) has announced the rescheduling of its Q4 2024 financial results release and conference call. The results, originally planned for March 5, will now be released on March 12, 2025 after markets close, with the conference call scheduled for March 13, 2025 at 7:00 a.m. Mountain Time.

The delay is attributed to requiring additional time to complete year-end reporting processes within its Heavy Equipment - Australia segment. This extension is necessary due to three factors: first-year SOX reporting requirements, high activity levels at year-end, and the implementation of a new ERP system in the segment, which was previously privately held.

North American Construction Group (NOA) has successfully completed the redemption of its 5.5% Convertible Debentures originally due June 30, 2028. The redemption process was finalized on February 28, 2025, following a notice issued to debenture holders on January 29, 2025.

Debenture holders were given the option to either convert their holdings into common shares at $24.23 per share or receive the principal amount plus accrued interest. Of the total debentures, $72,749,000 in principal amount was converted to common shares, while the remaining $1,357,000 was redeemed by the company on the redemption date.

North American Construction Group (NOA) has announced its regular quarterly dividend payment. The company's Board of Directors has declared a dividend of $0.12 CAD per common share. The dividend will be distributed to shareholders who are on record as of March 13, 2025, with the payment scheduled for April 9, 2025. The company has confirmed that this dividend qualifies as an eligible dividend for Canadian income tax purposes.

North American Construction Group (NOA) has announced its upcoming fourth quarter 2024 financial results release and conference call schedule. The company will release its Q4 2024 results on Wednesday, March 5, 2025 after market close, followed by a conference call and webcast on Thursday, March 6, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

The conference call will be accessible via toll-free number 1-800-717-1738 with Conference ID 71653. A replay will be available until April 6, 2025, through 1-888-660-6264. The presentation slide deck will be available for download before the call on the company's website.

North American Construction Group (NOA) has announced the early redemption of its 5.5% convertible unsecured subordinated debentures, originally due June 30, 2028. The redemption will be effective February 28, 2025. Debenture holders have the option to convert their holdings into common shares at $24.23 per share, representing a discount to the current share price of $28.45 as of January 29, 2025.

The total outstanding debentures amount to $74,106,000. Each debenture holder will receive a total payment of $1,008.86111, comprising $1,000 principal and $8.86111 in accrued interest from December 31, 2024. The company plans to make the redemption payment in cash and intends to delist the debentures from the Toronto Stock Exchange following redemption, subject to regulatory approval.

North American Construction Group (NOA) has announced entering into an automatic share purchase plan (ASPP) with its designated broker, connected to its previously announced normal course issuer bid (NCIB). The ASPP allows the broker to purchase up to 2,087,577 common shares for cancellation until November 3, 2025.

The purchases will be executed through the TSX, NYSE, and alternative trading systems in Canada and the United States. The ASPP becomes effective January 9, 2025, and will terminate when either the NCIB expires, the maximum shares are purchased, or the Company terminates the plan. The NCIB, which began on November 4, 2024, allows purchases based on management's discretion outside of the ASPP, complying with TSX rules and securities laws.

North American Construction Group (NOA) announced that its MacKellar Group subsidiary has secured a contract worth approximately $100 million from a major copper producer in New South Wales, Australia. The project involves site infrastructure establishment, initial overburden removal, and closure of a reclamation facility at an operational 24/7 copper mine. Starting in Q1 2025 and scheduled for completion in Q2 2026, the project will utilize existing owned and leased fleet, primarily equipment transported from Canada. This contract represents MacKellar's entry into the New South Wales region and aligns with the company's geographic and customer diversification strategy. The project was already included in the company's 2025 outlook as unsecured work, bringing the combined revenue visibility to over 90% of the midpoint for 2025.