Q3 2024 Badger Infrastructure Solutions Ltd Earnings Call Transcript
Key Points
- Badger Infrastructure Solutions Ltd (BADFF) reported a 7% increase in company-wide revenue, with a notable 10% growth in the United States.
- Adjusted EBITDA grew by 11% year over year, indicating strong operational efficiency and effective pricing strategies.
- The company maintained a strong adjusted EBITDA margin of 27.8%, up from 26.9% in the previous year.
- Badger successfully manufactured 159 hydrovacs year-to-date, demonstrating robust production capabilities.
- The company has a strong balance sheet with a compliance leverage of 1.5 times debt to EBITDA, providing flexibility for future growth.
- Revenue in Canadian markets declined by 12% compared to the previous year, impacting overall performance.
- The slowdown in growth in California, the Southwest market, and parts of the Upper Midwest and Mid-Atlantic markets continued in Q3.
- Revenue per truck per month decreased slightly due to the slowdown in the Canadian market.
- The company is guiding to the lower end of its truck build for the year, indicating potential constraints in fleet expansion.
- Certain projects in the US are delayed due to political uncertainties, affecting potential revenue growth.
Good day, and thank you for standing by. Welcome to the Badger Infrastructure Solutions 2024 third-quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, [Ann Foster], Director of Investor Relations. Please go ahead.
Thank you, Michelle. Good morning, everyone, and welcome to our third-quarter 2024 earnings call. Joining me on the call this morning are Badger's President and CEO, Rob Blackadar; and our CFO, Rob Dawson. Badger's 2024 third-quarter earnings release, MD&A and financial statements were released after market close yesterday and are available on the Investors section of Badger's website and on SEDAR.
We are required to note that some of the statements made today may contain forward-looking information. In fact, all statements made today, which are not statements of historical fact, are considered to be forward-looking statements. We make these forward-looking statements
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