Bird Construction Inc
TSX:BDT
Bird Construction Inc
Bird Construction, Inc. is an investment holding company with interest in construction services. The company is headquartered in Etobicoke, Ontario. The company went IPO on 2006-02-22. The firm focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. In the industrial sector, it constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities, and performs civil construction operations, including site preparation, concrete foundations, metal and modular fabrication, mechanical process work, underground piping and earthwork. In the commercial sector, its operations include construction and renovation of office buildings, shopping malls and plazas, big box stores and grocery stores and hotels for retailers and developers. In the institutional sector, it constructs and renovates hospitals, post-secondary education facilities, recreation facilities, prisons, courthouses, government buildings, long term care and senior housing, as well as environmental facilities and many others.
Bird Construction, Inc. is an investment holding company with interest in construction services. The company is headquartered in Etobicoke, Ontario. The company went IPO on 2006-02-22. The firm focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. In the industrial sector, it constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities, and performs civil construction operations, including site preparation, concrete foundations, metal and modular fabrication, mechanical process work, underground piping and earthwork. In the commercial sector, its operations include construction and renovation of office buildings, shopping malls and plazas, big box stores and grocery stores and hotels for retailers and developers. In the institutional sector, it constructs and renovates hospitals, post-secondary education facilities, recreation facilities, prisons, courthouses, government buildings, long term care and senior housing, as well as environmental facilities and many others.
Revenue Growth: Third quarter revenue reached $951.4 million, up 5.8% from last year, with over 60% of the increase coming from organic growth.
Margins: Margins remained strong but were slightly lower year-over-year, with a gross profit margin of 10.7% and adjusted EBITDA margin of 7%.
Record Backlog: Combined backlog surpassed $10 billion for the first time, providing strong visibility into future revenues and margins.
Guidance & Outlook: Management expects lower Q4 revenue versus last year due to project delays, but forecasts momentum building in the second half of 2026 as delayed projects start.
Credit Event: Company disclosed a potential $62 million exposure due to concerns about a single customer’s creditworthiness, with discussions ongoing and a Q4 provision expected.
Capital Strength: Balance sheet remains strong with $113.9 million in cash and significant available credit, supporting future growth and acquisitions.
Strategic Acquisition: Acquisition of FRPD expands self-perform and recurring revenue capabilities, supporting margin expansion and cross-selling opportunities.
2027 Targets: Management reaffirmed confidence in reaching 8% adjusted EBITDA margin by 2027, backed by backlog quality and upcoming project mix.
