RY 174.39 2.4016% SHOP 149.115 2.5974% TD-PFM 24.63 -0.0811% TD-PFL 24.7 0.2028% TD 78.325 0.1214% ENB 60.6 1.3039% BN 80.4 1.9787% TRI 226.27 0.7525% CNQ 48.285 2.2771% CP 104.53 1.6038% CNR 151.74 1.5459% BMO 132.69 0.9203% BNS 78.845 0.1715% CSU 4600.2002 2.157% CM 91.15 0.474% MFC 45.79 1.6878% ATD 78.38 1.5285% NGT 60.14 0.0499% TRP 70.15 1.977% SU 57.44 0.5954%
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Higher expenses dent North American Construction Group’s (TSX: NOA) net profit in Q1 2024
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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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