Bird Construction (BDT) Q4 2024 earnings summary

Executive summary

• Achieved strong financial results in 2024, surpassing strategic plan targets with $600M revenue growth and significant margin expansion, driven by diversification in high-demand sectors and increased self-perform work.

• Maintained a healthy balance sheet with record liquidity exceeding $550M, supporting a robust, risk-balanced backlog and future growth.

• Strategic acquisitions, including Jacob Bros and NorCan, expanded capabilities and contributed to revenue and margin growth.

• Nearly doubled the dividend in 2024, with increases in March and November, and affirmed 2025-2027 growth and profitability objectives.

• Entered 2025 with a strong balance sheet, record liquidity, and a balanced capital allocation strategy.

Financial highlights

• 2024 revenue grew 21% year-over-year to $3,397.3M; Q4 revenue up 18% to $936.7M.

• Adjusted EBITDA for 2024 was $213M (6.3% margin), up 53%; Q4 Adjusted EBITDA $71.9M (7.7% margin), up 64%.

• Net income for 2024 was $100.1M, up 40%; Adjusted earnings $111.3M (+44%); EPS $1.84, up 38%.

• Gross margin for 2024 was 9.7% (up 110 bps); Q4 gross margin 10.3%.

• Free cash flow per share was $1.48; return on equity exceeded 30%; FCF conversion of net income at 80.4%.

Outlook and guidance

• 2025 revenue growth expected to be weighted to the second half, with significant conversions of pending backlog in the first half.

• Targeting 10% ±2% organic revenue CAGR through 2027, with 2025 benefiting from an additional 5% from Jacob Bros acquisition.

• Targeting 8% EBITDA margin by 2027, with 2025 expected to approach 7%; earnings and Adjusted EBITDA growth in 2025 expected to outpace revenue growth.

• Maintaining a targeted dividend payout ratio of 33% of net income.

• Confident in achieving long-term growth and profitability targets despite macroeconomic uncertainties.