Bird announces Q3 2021 financial results
By Rob BlackstienCommercial
Collaborative contracts help Bird to record revenue in Q3
Bird Construction Inc. announced that it posted record revenue of $621.6 million in the third quarter of 2021 — an 80 per cent increase, year-over-year.
A big part of this growth has been the result of collaboration, the company says.
“The Company has been focused on advancing collaboration, both internally and externally, and we are truly seeing the benefit of that reflected in the increase in collaborative contract awards,” says Teri McKibbon, President and CEO of Bird Construction.
“These collaborative projects have been primary drivers for our record Backlog, record Pending Backlog and record revenue in the third quarter.”
Construction revenue for the 2021 calendar year is now up to $1.622.2 billion, up 70.9 per cent over this time last year.
Clearly, Bird’s stated strategy of continued growth has been on full display.
Among the highlights of Q3 for Bird were:
- Completion of the Dagmar Construction Inc. acquisition at the beginning of September;
- The first anniversary of the Stuart Olson acquisition (Bird says it previously stated $25 million in annualized cost synergies will be achieved as expected by the end of this year);
- New records for Backlog and Pending Backlog;
- Extension of its Syndicated Credit Facility by an additional year and expansion of the committed total to $235 million; and
- Completion of its joint venture with ATCO Structures on the LNG Canada Cedar Valley Lodge design-build project in Kitimat, British Columbia.