Bird Construction revenue slips, but gross profits rise in third quarter
November 6, 2019 by On-Site Staff
Bird Construction Inc. saw its revenue decline slightly during the third quarter of 2019, but posted net income gains across all sectors, resulting in an improved gross profit percentage.
The company recorded $378.6 million in revenue, versus $381.4 million in the same quarter a year earlier. Net income of $6.8 million for the three months ending Sept. 30 compared with $4.4 million in 2018.
“Our results in the third quarter improved significantly quarter over quarter and versus prior year as a result of diversification and growth in our industrial work program coupled with improved performance in our commercial-institutional work program,” said Teri McKibbon, the company’s president and CEO. “Backlog continues to grow, embedded margins are increasing as new work is added with a larger self-perform component and most importantly, our dilutive projects are nearing completion.”
McKibbon added the company sees a “healthy pipeline” of projects in its core markets.
Bird pointed to several highlights on the quarter, including multiple contract awards for services at “an LNG Liquefaction Export Terminal Facility in northwestern British Columbia,” a construction management contract for a two-tower rise-rise development in Halifax and continued progress on construction of the LNG Canada Cedar Valley Lodge that will house workers building the Kitimat, B.C. megaproject.
At the end of the quarter, Bird’s backlog stood at $1.44 billion, up from $1.37 billion three months earlier.