RY 148.21 -0.9026% TD 75.24 -0.8304% SHOP 92.19 0.8974% CNR 160.77 -1.1923% ENB 48.49 -0.9397% CP 109.36 -0.9958% BMO 114.14 -1.6713% TRI 230.65 -0.2767% CNQ 49.05 -1.5456% BN 57.97 -1.2941% ATD 77.92 -0.0769% CSU 3979.22 -1.4244% BNS 61.6 -0.7412% CM 65.77 -0.7095% SU 51.48 -3.6136% TRP 51.56 -1.2071% NGT 60.68 2.4481% WCN 241.61 -1.0809% MFC 36.33 -1.089% BCE 43.09 0.1394%
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Higher expenses dent North American Construction Group’s (TSX: NOA) net profit in Q1 2024 - Kalkine
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Image source: @Tumisu/Pixabay
Highlights
North American Construction Group Ltd. (TSX: NOA) offers a variety of heavy construction and mining services to customers in the industrial construction and resource development sectors. The Canada-based company also has its operations in the United States and Australia. The company has a market capitalisation of CAD 789.70 million.
In the first quarter of 2024, NOA reported a 21.6% increase in revenue to CAD 297.0 million compared to pcp. This growth was driven primarily by strong equipment utilization in Australia. As a result of higher revenue, the company experienced a 29.4% rise in gross profit, which was partially offset by increased depreciation expenses. However, NOA's income before tax declined to CAD 15.7 million, primarily due to higher interest expenses and changes in the fair value of contingent obligations. Overall, the company reported a net income of CAD 11.3 million for the quarter, down from CAD 21.8 million in pcp.
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