Bird Construction Inc. (BIRDF) research, news, and more from GeoInvesting

Company description

Tue, 06 Aug 2024 14:30:38 GMT

Bird Construction Inc operates as a general contractor in the Canadian construction market. The company focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry. It provides construction services such as new construction for industrial, commercial, and institutional markets; industrial maintenance, repair and operations (MRO) services, heavy civil construction and contract surface mining; as well as vertical infrastructure including, electrical, mechanical, and specialty trades.

Research

Tue, 03 Mar 2026 15:29:17 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($33.08; $1.8B market cap) announced DBFM contract award and financial close for six Alberta schools (P3) with total value of approximately $323 million:

Concert-Bird Partners was selected as preferred proponent by Alberta Infrastructure and the project reached financial close.
The DBFM contract covers six new elementary and junior high schools across Alberta with a combined contract value of approximately $323 million.
The project includes three schools in Edmonton and one each in Calgary, Airdrie, and Cochrane.
Once complete, the schools are expected to accommodate more than 5,300 students.
The build scope includes approximately 490,000 sq. ft. of permanent structure space.

Our Quick Take:

This is not a really big contract compared to their C$10 billion backlog, but it's good to see the strong momentum in orders continuing. We are tracking Bird due to an attractive valuation compared to its 2025-2027 growth plan and its involvement in the data center construction market.

Bird Construction Inc operates as a general contractor in the Canadian construction market. The company focuses primarily on projects in the industrial, commercial, and institutional sectors of the general contracting industry.

Research

Wed, 17 Dec 2025 21:13:41 GMT

Bird Construction Inc. (TSX:BDT) (OTC:BIRDF) ($28.19; $1.6B market cap) announced multiple project and agreement awards totaling approximately $1.2 billion:

$1.2 billion in total project and MSA awards.
New five-year MSA for complex mechanical services with a long-standing Oil & Gas client via Indigenous Limited Partnership.
Multiple MSA renewals and extensions across mechanical and electrical services.
New three-year MSA marking expansion into the mid-stream sector.
New work awarded at BHP’s Jansen potash project through 2Nations Bird partnership.
New contract at Dow’s Path2Zero Program focused on critical process work for the ethane cracking unit

Management Commentary:

“These significant awards across our Industrial Maintenance and Industrial businesses highlight the strength of our industrial work program and reinforce the value of establishing an early presence on large capital investment projects, which positions us for increasing scope as these projects advance,” said Teri McKibbon, President & CEO of Bird.

“The sizable new MSA in partnership with Infinity Métis Corporation exemplifies the power of Bird’s tuck-in M&A strategy, adding highly aligned, self-perform businesses that act as catalysts for growth. Regardless of size, these acquisitions deliver outsized benefits when integrated with our strong foundation, expanding self-perform capabilities, unlocking new opportunities, and supporting both revenue growth and margin accretion in line with our 2027 Strategic Plan.

Equally important, we remain committed to meaningful Indigenous partnerships, ensuring we support sustainable opportunities and long-term relationships in the region and across Canada.”

Quick Takeaways:

Thai is solid contract news in that it strengthens the company’s long-term plan to build a high-margin, recurring-revenue backlog. While short-term quarterly volatility is still part of the story, given the project-based nature of the business, each announcement like this builds our confidence in the long-term trajectory.

Research

Thu, 13 Nov 2025 05:00:00 GMT

Bird Construction Inc. (TSX:BDT) (OTC:BIRDF) (C$27.73; C$1.5B market cap) announced Q3 2025 results:

Q3 2025 sales of C$951.4 million vs. C$898.9 million in the prior year, ahead of analyst estimates of C$948.6 million
Q3 2025 adjusted EPS: C$0.64 vs. C$0.72 in the prior year, ahead of analyst estimates of C$0.54
Q3 backlog reached a record C$5.0 billion, with over C$1.3 billion in new securements.
Pending backlog also exceeded C$5.0 billion, including C$700 million of recurring revenue expected over five years.
Operating cash flow (before non-cash working capital changes) in Q3 was C$69.8 million.
Liquidity at September 30, 2025: C$113.9 million in cash and C$281.7 million in available credit.
Acquired Fraser River Pile & Dredge for C$82.3 million (deal closed October 10, 2025).
Selected as Preferred Proponent for Peel Memorial Hospital Phase 2 Redevelopment in Ontario.
Management disclosed potential credit concerns regarding a customer with C$32.8M in receivables and C$29.4M in contract assets; discussions ongoing and potential impairment may occur in Q4 2025.
Declared monthly eligible dividends of C$0.07 per common share for November 2025 through February 2026

Management Commentary:

"Sustained demand in Bird’s key strategic sectors, along with the Company’s proven track record in delivering complex institutional, industrial and infrastructure projects, helped drive Bird’s combined Backlog and Pending Backlog to over $10.0 billion at September 30, 2025… Bird’s extensive self-perform capabilities, bolstered by strategic acquisitions such as the recently completed acquisition of Fraser River Pile & Dredge, have positioned the Company to pursue and win work related to nation-building infrastructure initiatives, as well as planned investments in defence, healthcare, nuclear and data centres," stated Teri McKibbon, President and CEO of Bird Construction.

Research

Thu, 04 Sep 2025 14:05:13 GMT

Bird Construction Inc. (OTC:BIRDF) (TSX:BDT) ($22.98; $1.27B market cap) announced the acquisition of Fraser River Pile & Dredge (FRPD):

Key highlights:

Bird will acquire FRPD for approximately $82.3 million in cash, subject to customary adjustments.
Transaction expected to close in early Q4 2025, pending regulatory approvals.
The deal is anticipated to be 7% accretive to Bird’s Adjusted EPS on a full-year basis.
FRPD is projected to generate $160 million in revenue and $20 million in Adjusted EBITDA.
Implied purchase multiple is 4.1x FRPD’s projected 2025 Adjusted EBITDA (excluding synergies).
Bird is funding the acquisition through a new $215.6 million term loan facility and has extended its syndicated credit facility to September 2028.
The acquisition enhances Bird’s Infrastructure vertical with national marine and land foundation expertise.
Adds over 300 skilled workers and expands Bird’s self-perform capabilities.
Strategic rationale includes cross-selling opportunities, margin accretion, and exposure to nation-building infrastructure projects.

"FRPD is expected to be a catalyst for future growth, similar to our prior acquisitions. The addition of unique self-perform capabilities to Bird’s already extensive portfolio of operating locations provides Bird with a more comprehensive platform to support larger-scale projects for public and private clients across Canada. FRPD’s marine infrastructure, land foundation and dredging expertise complement Bird’s deep expertise in delivering complex construction projects across our three verticals of Industrial, Infrastructure and Buildings," stated Teri McKibbon, President and CEO of Bird. "We are honoured to bring together two historic companies who have been foundational in the building of Canada. We look forward to welcoming the highly skilled FRPD team and leadership into Bird, combining our strong corporate cultures and unrelenting focus on safety. Together, the combined business will have access to even larger, more sophisticated projects, supporting Bird’s strategic goals for growth and continued margin accretion."

"The acquisition by Bird is a pivotal part of FRPD’s nearly 115-year journey, as we combine our service offerings with a company that has been a driving force behind shaping the Canadian landscape for over 100 years," said Sarah Clark, President and CEO of FRPD. "We look forward to leveraging our combined strengths to create additional opportunities across our respective client bases. FRPD’s culture of high quality delivery and self perform capabilities, augmented by Bird’s extensive resources and complementary services, is a winning combination for the future."

Research

Thu, 14 Aug 2025 17:22:12 GMT

Bird Construction Inc. (TSX:BDT) (OTC:BIRDF) (C$30.08; C$1.67B market cap) announced Q2 2025 results:

Q2 2025 sales of C$850.8 million vs. C$873.5 million in the prior year, below analyst estimates of C$936 million
Q2 2025 adjusted EPS: C$0.50 vs. C$0.43 in the prior year, ahead of analyst estimates of C$0.43
Record backlog reached C$4.6 billion, with C$1.2 billion secured in Q2
C$3.8 billion in Pending Backlog, including over C$800 million in recurring MSA revenue over 5 years
Operational cash flow of C$54.5 million in Q2, up 15% YoY
Liquidity of C$374.3 million (cash + credit facility) as of June 30, 2025
Awarded 8 major projects totaling over C$1.1 billion in Q2, including:
Declared monthly dividends of C$0.07/share for August, September, and October 2025

"Bird continues to execute on its 2025-2027 Strategic Plan, focusing on sectors that have long-term demand drivers... Even though the Company’s second quarter was impacted by temporary project delays... These same clients awarded us additional scopes and work packages, giving us confidence that the work programs will proceed in the future once there is greater clarity on cost and economic conditions," stated Teri McKibbon, President and CEO.
"While Bird’s third quarter is expected to be impacted by similar delays, the Company is well positioned to capitalize on our record $4.6 billion Backlog once near-term market uncertainty resolves."

Our Quick Take:

We continue to track Model Portfolio holding Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) closely as it aims to meet its 2025–2027 plan gains momentum. Despite some near-term headwinds that arose in the quarter, causing delays in projects, the Q2 2025 call reinforced several potentially underappreciated positives.

Management highlighted that a higher percentage of large-scale, long-cycle projects are entering the mix. These tend to face fewer permitting delays and offer stronger visibility, supporting confidence in backlog conversion despite recent timing shifts.

This shift, combined with the company’s disciplined project selection and collaborative contract structures, is embedding richer margins into both contracted and pending backlog. Importantly, over $800M in multi-year MSA and recurring revenue sits in pending backlog, providing a predictable earnings base.

We view this combination of long-cycle work, recurring revenue, and margin gains as reasons to believe the company can sustain growth and profitability, even through broader industry volatility.

Research

Wed, 21 May 2025 16:23:11 GMT

Bird Construction Inc. (TSX: BDT.TO) (OOTC:BIRDF) ($25.86; $1.43B market cap) announced new contract awards totaling over $525 million across its buildings and infrastructure businesses:

"These recent awards in our buildings and infrastructure businesses reflect the sustained demand we’re seeing across our key strategic markets, despite the current economic uncertainty," said Teri McKibbon, President and CEO of Bird. "Furthermore, they reflect the confidence our clients continue to place in Bird as an established and trusted delivery partner, valuing our deep sector experience and collaborative approach to project execution."

Key highlights:

Awarded three new projects with a combined value exceeding $525 million.
Selected to deliver the Transportation Safety and Technology Science (TSTS) Hub in Ottawa, a 120,000 sq. ft. federal science facility consolidating five labs into a modern shared space.
Awarded the Beverly Heights Seniors Housing project in Edmonton, supporting Bird's growth in long-term care infrastructure.
Part of a joint venture to upgrade mining infrastructure over a 4-year program, reinforcing its capabilities in the mining sector

Recall, just yesterday, BIRDF was one of the companies added to our new data center screen which you can see here.

Bird Construction Inc. operates as a general contractor in the Canadian construction market. The company focuses primarily on projects in the industrial, commercial and institutional sectors of the general contracting industry.

Research

Thu, 15 May 2025 17:51:59 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($18.76; $1.03B market cap) announced Q1 2025 results:

Sales of $717.6 million vs $688.2 million in the prior year; below analyst estimates of $742.0 million
Non-GAAP EPS of $0.23 vs $0.21 in the prior year; ahead of analyst estimates of $0.18

Our Quick Take:

Moving forward, the company seems to have good visibility on revenue for 2025 and 2026, giving us some confidence that we can rely on analyst estimates in the near term. On that note, the company is about to enter a consistent EPS growth period of at least 7 quarters of superior EPS growth. This is in line with the company’s 3 to 5 year growth plan that we highlighted on October 9, 2024. We are anticipating this will result in an expansion of the company’s P/E ratio which currently stands at 12.7.

“Our extensive self-perform capabilities, focus on collaboration, and quality of delivery are valued by our clients and drove over $1.3 billion of new contracts and awards in the first quarter of 2025,” stated Teri McKibbon, President and CEO of Bird Construction. “While construction revenue growth is not always linear, the Company’s record combined backlog of contracted and awarded work, reflecting high proportions of collaborative contract structures and favourable embedded margins, provides Bird with good visibility into revenue growth and further margin accretion for full year 2025 and into 2026."

Research

Thu, 17 Apr 2025 19:57:39 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($20.45; $1.13B market cap) has announced over $650 million in new project awards across its infrastructure, industrial, and buildings segments.

“These new project awards underscore the continued demand in our infrastructure, industrial and buildings businesses in economically resilient sectors, and highlight our consistent presence in defence, chemicals, long-term care, clean power generation, energy and mining,” said Teri McKibbon, President and CEO of Bird. “Notably, the majority of these projects are with long-standing clients, an endorsement of the strong relationships we've forged through our consistent performance and collaboration.”

Research

Thu, 13 Mar 2025 15:15:54 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($14.82; $820.7M market cap) announced Q4 2024 results: (financials in CAD)

Sales of $936.7 million vs $792.1 million in the prior year; $1 million below analyst estimates of $938.2 million
Non-GAAP EPS of $0.67 vs $0.46 in the prior year; $0.01 below analyst estimates of $0.68
Full year sales of $3.4 billion vs $2.8 billion in the prior year
Full year non-GAAP EPS of $2.04 vs $1.44 in the prior year

“Bird’s exceptional revenue and profitability growth in 2024, delivering almost $600 million of additional revenue while increasing our Adjusted EBITDA Margin by 1.3% to 6.3%, is the direct result of strategic changes we’ve made over the past several years to diversify our business, expand our capabilities and geographical reach, and risk-balance our work program with more collaborative contracting structures. These changes have created an economically resilient foundation that is prepared to achieve the Company's 2025-2027 growth and profitability targets," stated Teri McKibbon, President and CEO of Bird Construction. "Bird's focus on key Canadian market sectors, our dedicated and experienced One Bird team, and our collaborative client approach position the Company well to manage potential impacts from near-term economic and geopolitical uncertainty, and to continue to deliver long-term shareholder value."

Research

Thu, 06 Mar 2025 16:19:15 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($14.80; $819.6B market cap) announced it has won $470 million of project awards.

“Bird continues to win work across our industrial, buildings and infrastructure businesses in key strategic market sectors that remain economically resilient, building on the Company’s strong client relationships and forging new ones,” stated Teri McKibbon, President & CEO of Bird. “These awards highlight the scope of Bird’s capabilities, adding to the Company’s combined backlog of nuclear, healthcare, horizontal infrastructure and industrial maintenance work, while expanding Bird’s expertise in collaborative contracts.”

Research

Wed, 06 Nov 2024 20:37:48 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($22.37; $1.23B market cap) announced Q3 2024 results:

Sales of $898.9 million vs $783.8 million in the prior year; below analyst estimates of $960.0 million
Non-GAAP EPS of $0.69 vs $0.54 in the prior year; in line with analyst estimates of $0.68

“Bird continued to deliver strong growth and profitability in the third quarter, building on the significant momentum from the first half of the year and setting the stage for a solid finish to 2024. The Company’s successful diversification of our work programs and focus on collaboration, cross-selling and self-perform capabilities have increased our service offerings in strategic end markets and positioned Bird for greater access to large capital investment projects,” stated Teri McKibbon, President and CEO of Bird Construction. “Bird’s growing combined backlog with higher embedded margins, supported by our dedicated One Bird team, give us confidence in our growth and margin accretion targets for the remainder of 2024 and into our 2025-2027 Strategic Plan period.”

Backlog update:

"Bird added over $1.3 billion to its Backlog in the third quarter ($2.8 billion year-to-date), increasing Backlog to $3.8 billion at September 30, 2024. Pending Backlog, which is work awarded but not yet contracted, grew 14% in the third quarter (36% year-to-date) to $4.1 billion, and continues to include over $900 million of MSA and other recurring revenue to be earned over the next six years."

BIRDF was added to our BOP #12 on August 14, 2024 after muted reaction to the Q2 2024 report. On October 9, 2024 the company’s investor day presentation provided bullish targets for the 2025 to 2027 time period and dividend increase. See full note here.

Research

Wed, 09 Oct 2024 16:02:35 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) ($19.53; $1.09B market cap) announced a 50% dividend increase and released 2025 to 2027 financial targets ahead of today’s investor day presentation which begins at 9AM EST.

Financial targets for the 2025-2027 period, including:

Organic revenue growth compound annual growth rate (CAGR) range of 10% +/- 2%, with 2025 receiving an additional 5% growth from the full year of Jacob Bros. revenue when compared to 2024
Target Adjusted EBITDA Margin of 8% for full-year 2027
Dividend Payout Ratio of Net Income target of 33%

“In addition to these targets, Bird’s Board of Directors has approved a $0.0233 increase in its monthly dividend effective for the November 29, 2024 dividend, payable on December 20, 2024. The dividend increase follows the Board’s approval of the 2025-2027 Strategic Plan, which anticipates continued accretion in earnings per share and Adjusted EBITDA through 2027.

The increased monthly dividend will be $0.07 per share, corresponding to an annual dividend rate of $0.84 per share.

“Looking ahead, the business has considerable momentum and is expected to benefit from significant tailwinds stemming from our strategic focus on higher margin and economically resilient sectors. Our 2025-2027 financial targets reflect our continued focus on margin accretion, disciplined project selection, and safe, collaborative operational excellence.”

BIRDF was added to our BOP #12 on August 14, 2024 after muted reaction to the Q2 2024 report.

Research

Wed, 14 Aug 2024 04:00:00 GMT

Bird Construction Inc. (OOTC:BIRDF) (TSX:BDT) Added to Buy on Pullback Model Portfolio #12

Muted reaction to strong quarter, as well as recently closing accretive acquisition, and strong analyst estimates which likely do not include boost from acquisition

Caveat - new on our radar, very limited understanding of the company’s business.