.jpg)
3 hours ago
1
Article content
CALGARY, Alberta, April 29, 2025 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported first quarter results today. All results are presented in U.S. dollars unless otherwise stated.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
2025
FIRST
QUARTER
OPERATIONAL HIGHLIGHTS
Article content
- Revenue was $172.6 million, up 7% from 2024.
- Gross profit margin was 25.5%, up from 24.8% in 2024.
- Adjusted EBITDA(1) improved to $33.8 million, up 16% from 2024.
- Adjusted EBITDA margin(1) rose to 19.6%, up from 18.1% in 2024.
- Revenue per truck per month (“RPT”)(1) was U.S.$35,034, compared to U.S.$35,138 in 2024 (Note: RPT will be reported in U.S. dollars going forward).
- Adjusted earnings per share(1) was $0.19, up 36% from 2024.
- The Company’s board of directors has approved a quarterly cash dividend of CAD$0.1875 per common share for the second fiscal quarter of 2025, with payment to be made on or after July 15, 2025, to all shareholders of record on June 30, 2025.
- 301,000 Company shares were purchased under the Company’s normal course issuer bid (the “NCIB”) at a weighted average price of CAD $38.31 per share.
Article content
Article content
“Badger had a strong start to the year as our revenue grew 7% to $172.6 million and Adjusted EBITDA increased 16% compared to last year. This shows the business’ operating leverage that has resulted from our continued focus on improving margins and profitability in the seasonally slower first quarter. Despite historically adverse weather in the southern half of the U.S. in January and February, our results reflect the efforts of our sales and operations teams to overcome these challenges and continue to capture market share as the trend of ongoing demand for our services recovered in March,” said Rob Blackadar, President & Chief Executive Officer.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“We are preparing for another busy construction season and year of growth in non-destructive excavation services across our end markets. Our hydrovac fleet, which we plan to grow by 4% to 7% this year, provides us with ample capacity to absorb additional demand in 2025. With our strategic initiatives to leverage pricing opportunities, the capacity in our current fleet, and our disciplined 2025 capital program, Badger is well-positioned to meet our customers’ growing needs,” concluded Mr. Blackadar.
Article content
Article content
| FINANCIAL HIGHLIGHTS | ||||||
| Three months ended March 31, | ||||||
| ($ U.S. thousands except RPT, truck count, ratios, per share amounts, and share information) | 2025 | 2024 | ||||
| Revenue: | ||||||
| Non-destructive excavation service | 164,835 | 151,991 | ||||
| Other | 7,798 | 9,571 | ||||
| Total revenue | 172,633 | 161,562 | ||||
| RPT – Consolidated (U.S. dollars)(1)(2) | 35,034 | 35,138 | ||||
| RPT – Consolidated (mixed currency)(1) | 36,770 | 36,904 | ||||
| Adjusted EBITDA(1) | 33,792 | 29,179 | ||||
| Adjusted EBITDA per share, basic and diluted(1) | $0.99 | $0.85 | ||||
| Adjusted EBITDA margin(1) | 19.6% | 18.1% | ||||
| Net earnings before income tax | 5,887 | 2,342 | ||||
| Net earnings | 3,255 | 1,779 | ||||
| Net earnings per share, basic and diluted(1) | $0.10 | $0.05 | ||||
| Adjusted net earnings(1) | 6,350 | 4,928 | ||||
| Adjusted net earnings per share, basic and diluted(1) | $0.19 | $0.14 | ||||
| Cash flow from operations before working capital and other | ||||||
| adjustments | 33,679 | 29,196 | ||||
| Cash flow from operations before working capital and other | ||||||
| adjustments | ||||||
| per share, basic and diluted(1) | $0.99 | $0.85 | ||||
| Total debt to Compliance EBITDA(1) | 1.4x | 1.5x | ||||
| Capital expenditures | 25,612 | 30,031 | ||||
| Hydrovac truck count | 1,661 | 1,529 | ||||
| Dividends paid | 4,289 | 4,443 | ||||
| Cash paid to repurchase common shares under the NCIB | 7,721 | — | ||||
| Common shares repurchased and cancelled under the NCIB | 301,000 | — | ||||
| Weighted average common shares outstanding(3) | 34,058,638 | 34,473,438 | ||||
| (1) “Adjusted EBITDA”, “Adjusted EBITDA per share”, “Adjusted EBITDA margin”, “Adjusted net earnings”, “Adjusted earnings per share”, “Compliance EBITDA”, “Total debt” and “RPT” are not standardized financial measures prescribed by IFRS® Accounting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies or entities. See “Non-IFRS Financial Measures” and p.15-18 of the Management’s Discussion and Analysis for the year ended December 31, 2024 (the “Annual MD&A) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total debt. See “Key Financial Metrics and Other Operational Metrics” and p.13 of the Annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period. (2) Effective January 31, 2025, the Company changed the reporting segment disclosure to one consolidated segment. As a result, RPT is presented as one consolidated total in U.S. dollars. Comparative periods were restated to reflect the change. (3) See “Share Capital” in the Company’s Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2025 and 2024 for additional details and Note 12 of the Company’s interim condensed consolidated financial statements for the three months ended March 31, 2025 and 2024 for additional details on the changes to share capital. | ||||||
English (US)