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Highlights

  • BDT’s Q1 revenue increased by 4.3% yoy, driven by project execution and new contract awards
  • Adjusted EBITDA reached CAD 34.1 million during the period
  • The company won over CAD 525 million in new contracts across key sectors

Bird Construction Incorporation (TSX: BDT) is a Canadian general contractor specializing in industrial, commercial, and institutional projects. It offers services including new construction, MRO, heavy civil work, surface mining, and vertical infrastructure.

In the first quarter of the financial year 2025 (Q1FY25), BDT’s revenue increased by 4.3% year over year to CAD 717.60 million, driven by project execution and a diversified backlog supported by new contract awards.

Adjusted EBITDA surged by 40.9% yoy to CAD 34.1 million, highlighting the positive impact of collaborative contract structures, improved project mix, and enhanced self-perform capabilities.

However, net income declined by 6.0% yoy to CAD 9.4 million, primarily due to non-cash amortization expenses related to the Jacob Bros acquisition.

Recent Business Update

The company secured over CAD 525 million in new contracts across its buildings and infrastructure segments, including projects in Ottawa, Edmonton, and a major mining infrastructure upgrade through a joint venture. The company’s board of directors declared eligible dividends of CAD 0.07 per common share for each of March 2025 and April 2025.

Company Outlook

The company began FY25 with a record backlog of over CAD 4.3 billion, up 16.4% sequentially, including CAD 1.3 billion in new Q1 awards, surpassing work executed in the quarter by 85%. The company’s pending backlog was CAD 4.0 billion, including over CAD 950 million in MSAs and recurring events, providing revenue visibility through 2026.

Top 10 Shareholders of BDT

The top ten shareholders of BDT collectively hold approximately 28.75% of the company's total shares. Among them, Canso Investment Counsel Ltd. holds the largest stake at around 16.67%, followed by ACK Asset Management LLC with an ownership of approximately 2.02%.

Stock Information

BDT’s stock has surged approximately 29.44% in the past week, despite a 11.82% decline over the last six months. Currently trading at CAD 26.77 as of May 27, the stock remains above its 52-week low of CAD 17.52 but below the 52-week high of CAD 32.67.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is May 27 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.