North American C Stock Price, News & Analysis

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.

North American Construction Group reported Q1 2021 results, showing adjusted EBITDA of $61.1 million, a $1.2 million increase from last year. Gross profit margin improved to 19.0% from 17.4%. Key highlights included record revenue from the Nuna Group at $25.2 million, a 142% increase. Free cash flow was $5.5 million, while net debt rose to $397.2 million. The company initiated a normal course issuer bid to buy back up to 2 million shares. CEO Joe Lambert expressed optimism for future opportunities and ongoing operational excellence.

North American Construction Group Ltd. (NOA) will announce its financial results for Q1 2021 on April 28 after market close. A conference call and webcast are scheduled for April 29 at 7:00 a.m. MT (9:00 a.m. ET) to discuss the results. Access details include a toll-free number (1-844-248-9143) and conference ID (6266913). A replay will be available until May 27. NACG, a leader in heavy construction and mining services in Canada, has been serving large resource companies for over 65 years.

North American Construction Group Ltd. (NOA) announced its intention to initiate a normal course issuer bid (NCIB) to repurchase up to 2,000,000 common shares, representing approximately 9.7% of the public float and 6.7% of total shares outstanding as of April 6, 2021. The repurchase aims to enhance shareholder value and liquidity, with purchases expected to begin around April 9, 2021, and conclude by April 8, 2022. The company had previously repurchased 2,300,000 shares under a prior NCIB at an average price of $11.85 CAD per share.