CALGARY, Alberta, May 01, 2024 (GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. ("Badger", the "Company", "we", "our" or "us") (TSX:BDGI) reported first quarter results today. All results are presented in U.S. dollars unless otherwise stated. 2024 FIRST QUARTER OPERATIONAL HIGHLIGHTS The Company achieved revenue of $161.6 million, up 13% from 2023. Gross profit margin improved to 24.8%, up from 22.9% in 2023. Adjusted EBITDA(1) improved to $29.2 million, up 22% from 2023. Adjusted EBITDA margin(1) rose to 18.1%, up from 16.7% in 2023. Consolidated revenue per truck per month ("RPT") for the quarter was $36,904, down from $38,231 in 2023. Adjusted earnings per share was $0.14 per share, up 27% from 2023. The Board of Directors has approved the quarterly cash dividend of CAD$0.18 per common share for the second fiscal quarter of 2024, with payment to be made on or after July 15, 2024, to all shareholders of record on June 30, 2024. "We are pleased to report record first quarter revenue of $161.6 million, which was 13% higher than the first quarter of 2023, driven by our U.S. end markets. We've had a strong start to the year with record Adjusted EBITDA, 22% higher than last year as we continue to focus on improving our margins and profitability in the seasonally slower months. The execution of our commercial, sales and pricing strategies have set the foundation for Badger to continue its journey as the industry leader in non-destructive excavation in 2024." said Rob Blackadar, President & Chief Executive Officer. "We are preparing for a busy construction season and another year of growth in non-destructive excavation services across our end markets. We expect 2024 to be another strong year and we remain on track to grow our fleet by 7% to 10% while continuing to drive strong utilization and pricing." concluded Mr. Blackadar. FINANCIAL HIGHLIGHTS   Three months ended March 31, ($ US thousands except RPT, per share amounts, share information and ratios) 2024 2023 Revenue:     Non-destructive excavation service 151,991 136,538 Other 9,571 6,678 Total revenue 161,562 143,216       RPT - Consolidated (mixed currency)(1) 36,904 38,231 RPT - U.S. (USD)(1) 39,855 38,804 RPT - Canada (CAD)(1) 27,832 36,648       Adjusted EBITDA(1) 29,179 23,986 Adjusted EBITDA per share, basic and diluted(1) $0.85 $0.70 Adjusted EBITDA margin(1) 18.1% 16.7%       Net earnings before income tax 2,342 3,673 Net earnings 1,779 2,764 Net earnings per share, basic and diluted(1) $0.05