MISSISSAUGA, Ontario, May 14, 2024 (GLOBE NEWSWIRE) -- "Bird continues to deliver strong results, with 28% year over year revenue growth and margin accretion setting the stage for significant further improvements in earnings and cash flow for full-year 2024 over 2023. The Company's combined backlog of contracted and awarded work continues to grow with favourable embedded margins, and the accretive acquisition of NorCan Electric in January added new specialized self-perform capabilities and recurring revenue to Bird's already extensive resume," stated Teri McKibbon, President and CEO of Bird Construction. "The Company's strategic focus on being a leading collaborative construction company continues to drive growth and better outcomes for all parties, and the strength of our balance sheet positions us to invest in profitable organic growth and pursue attractive acquisitions in today's active market." FINANCIAL HIGHLIGHTS Building on strong momentum from 2023, Bird achieved impressive year over year growth in earnings and revenue in the first quarter. With record volumes of contracted and awarded work available to execute in the Company's Backlog and Pending Backlog, full year expectations for revenue growth were bolstered by favourable weather in the quarter that reduced seasonal down time and allowed work to commence earlier than estimated on certain projects. Bird's highly valued team continues to deliver on clients' expectations safely, reinforcing the Company's reputation for collaborative delivery of sophisticated, complex projects. The Company's balance sheet remains healthy and structured for flexibility to strategically pursue attractive acquisitions in the current active M&A environment. Bird is well positioned to continue to capitalize on significant demand across market sectors, supported by macro trends in critical areas that are aligned to longer-term development and investment cycles such as infrastructure requirements driven by urbanization and population growth, growing power and electrification demands, and the energy transition, together upholding the positive outlook through 2024 and beyond. First Quarter 2024 compared to First Quarter 2023 Construction revenue of $688.2 million earned in the quarter compared to $536.5 million earned in the prior year quarter, representing a 28.3% increase year-over-year. Net income and earnings per share were $10.0 million and $0.19 in Q1 2024, compared to $5.1 million and $0.10 in Q1 2023, representing increases of 94%. Adjusted Earnings1 and Adjusted Earnings Per Share were $10.6 million and $0.20 in Q1 2024, compared to $5.3 million and $0.10 in Q1 2023, representing increases of 101%. Adjusted EBITDA1 of $24.2 million, or 3.5% of revenues, compared to $16.1 million, or 3.0% of revenues in Q1 2023, representing an increase of 50.4%. Adjusted EBITDA Margin for Q1 2024 was impacted by $3.9 million additional share-based compensation costs driven by significant appreciation of Bird's common share price and total shareholder return during the quarter. _______________1 This News Release contains terminology and financial measures that do not have standard meanings under IFRS and may not be comparable with similar measures presented by other companies. Further information regarding these measures can be found in the "Terminology and Non-GAAP & Other Financial Measures" section of this News Release. Financial Results     (in thousands of Canadian dollars, except per share amounts)     Three months endedMarch 31,     2024     2023         Construction revenue $ 688,200   $ 536,459         Net income   9,984     5,149         Basic and diluted earnings per share   0.19     0.10         Adjusted Earnings Per Share   0.20     0.10         Adjusted EBITDA1   24,184     16,082         Cash flows from operations before changes in non-cash working capital $ 31,188   $ 17,628         (1) Adjusted EBITDA is a non-GAAP financial measure. See "Terminology and Non-GAAP & Other Financial Measures."   HIGHLIGHTS Bird continued to deliver significant revenue growth in the first quarter of 2024, with over 90% of the 28.3% growth from organic sources. Year over year revenue growth also benefited from NorCan, acquired on January 18, 2024, and a full quarter of contributions from Trinity, acquired in February 2023. The Company's margin profiles in the first quarter of 2024 continued to improve compared to the prior year, with Gross Profit Percentage increasing to 8.0% compared to 7.4%, and Adjusted EBITDA Margin increasing to 3.5% from 3.0%. Bird added $697.7 million in securements to its Backlog in the first quarter, maintaining record Backlog levels of $3.5 billion at March 31, 2024. Pending Backlog of work awarded but not yet contracted remains at a healthy $3.4 billion at quarter end, and continues to include almost $1.0 billion of MSA and other recurring revenue to be earned over the next six years. The Company's liquidity position remains strong at March 31, 2024, with $133.6 million of cash and cash equivalents, and an additional $205.5 million available under the Company's Syndicated Credit Facility, to support ...