North American C Stock Price, News & Analysis

North American Construction Group Ltd. (NOA) reported Q2 2021 results showing revenue of $140.2 million, a significant rise from $70.8 million in Q2 2020, driven by recovering demand post-COVID-19. Adjusted EBITDA increased to $42.4 million, up 33% year-over-year. However, gross profit margin fell to 10.9% due to increased equipment maintenance and labor shortages. The company announced the acquisition of DGI Trading for $23.5 million and secured a $650 million Fargo-Moorhead flood diversion contract. A quarterly dividend of CAD $0.04 per share was declared, payable on October 8, 2021.

North American Construction Group Ltd. (NOA) announced a contract amendment with Mikisew North American Limited Partnership, expected to generate approximately $175 million in additional revenue through December 2023. This amendment reflects the company's strong relationship with a key customer in the oil sands sector. President Joe Lambert highlighted the importance of safe operations and a low-cost culture in securing this contract, indicating ongoing trust from industry partners.

North American Construction Group Ltd. (NOA) will release its Q2 financial results on July 28, 2021, after market close.

A conference call is scheduled for July 29, 2021, at 7:00 a.m. MT (9:00 a.m. ET) to discuss the results.

Investors can access the call by dialing 1-844-248-9143 (toll-free) or 1-216-539-8612 (international).

A replay will be available until August 26, 2021. Additional presentation materials will be accessible on the company’s website.

North American Construction Group has been awarded a US$2.75 billion flood mitigation project in the U.S., marking its largest infrastructure initiative to date. The project involves a 30-mile river diversion channel to protect the Fargo-Moorhead area from flooding. NACG predicts a revenue share of approximately C$600 million over the contract's duration, which spans 29 years. This undertaking aligns with NACG's strategy for diversification and climate-resilient infrastructure, aiming to safeguard over 235,000 residents against catastrophic floods.

North American Construction Group Ltd. (NOA) announced an agreement to acquire DGI Trading Pty Limited for approximately $23.5 million. DGI, located in Australia, supplies essential components to the mining sector. The acquisition aims to enhance vertical integration and diversify NACG's service offerings. The purchase price correlates to DGI's net tangible assets and includes earn-out payments based on DGI's future earnings. The transaction is expected to close on July 1, 2021, and will be funded through existing debt facilities.

North American Construction Group Ltd. (NOA) has successfully closed the underwriters' over-allotment option, raising an additional $9.75 million from the sale of 5.50% convertible unsecured subordinated debentures. This follows their recent offering, bringing total gross proceeds to $74.75 million. The funds will primarily be used to repay senior indebtedness under their revolving credit facility. The debentures will not be registered under U.S. Securities Act and cannot be sold in the U.S. without an exemption.

North American Construction Group Ltd. (NOA) has announced that underwriters fully exercised an over-allotment option, leading to an additional purchase of $9.75 million of its 5.50% convertible unsecured subordinated debentures. This brings the total gross proceeds from the offering to $74.75 million. The proceeds will primarily be used to repay senior debt under its revolving credit facility.

North American Construction Group Ltd. (NOA) has successfully closed an offering of 5.50% convertible unsecured subordinated debentures, raising gross proceeds of $65 million. Led by National Bank Financial, the syndicate of underwriters includes notable firms such as Canaccord Genuity and CIBC World Markets. An over-allotment option allows for an additional $9.75 million within 30 days. Proceeds will primarily be used to repay senior debt under the revolving credit facility. The debentures will trade on the TSX under symbol NOA.DB.B.

North American Construction Group Ltd. held its Annual and Special Meeting of Shareholders on May 5, 2021. Shareholders overwhelmingly approved the election of directors, including Martin R. Ferron and John J. Pollesel, with support ranging from 87.12% to 99.91%. KPMG LLP was appointed as the independent auditors. An advisory vote on executive compensation passed with 80.15% approval. Additionally, shareholders approved unallocated options in the Share Option Plan with 65.22% approval.