Earnings
Bird Reports 2025 Third Quarter Results; Record $10 Billion Combined Backlog and Pending Backlog
BDT · Price
Executive Summary
- Bird Construction reported Q3 2025 construction revenue of $951.4 M, a 5.8% YoY increase, and a backlog exceeding $10.0 B (combined Backlog and Pending Backlog).
- Net income fell to $31.7 M ($0.57 EPS) from $36.2 M YoY, while Adjusted EBITDA declined to $66.9 M (7.0% margin).
- The company completed its acquisition of Fraser River Pile & Dredge for an estimated $82.3 M and was selected as Preferred Proponent for the Peel Memorial Hospital Phase 2 Redevelopment project.
Key Details
- Backlog & Pending Backlog: Combined value > $10.0 B at 30 Sep 2025; Backlog $5.0 B, Pending Backlog $5.0 B.
- Q3 2025 Financial Highlights
- Construction revenue: $951.4 M (vs. $898.9 M YoY).
- Net income: $31.7 M (vs. $36.2 M YoY).
- Basic & diluted EPS: $0.57 (vs. $0.66 YoY).
- Adjusted earnings: $35.4 M; Adjusted EPS: $0.64.
- Adjusted EBITDA: $66.9 M (7.0% of revenue).
- Year‑to‑Date (9 months) Highlights
- Construction revenue: $2,519.8 M vs. $2,460.7 M YoY.
- Net income YTD: $61.4 M vs. $67.6 M YoY.
- Adjusted EBITDA YTD: $155.9 M (6.2% margin) vs. $140.9 M (5.7%).
- Cash Flow & Liquidity
- Operating cash flow before changes in non‑cash working capital: $69.8 M (Q3).
- Cash & equivalents at 30 Sep 2025: $113.9 M.
- Available under syndicated credit facility: $281.7 M.
- Acquisition of Fraser River Pile & Dredge
- Announced 3 Sep 2025; estimated aggregate consideration $82.3 M.
- Closed on 10 Oct 2025 after regulatory approval and customary closing conditions.
- New Project Win
- Selected by Infrastructure Ontario as Preferred Proponent for Peel Memorial Hospital Phase 2 Redevelopment (collaborative contracting model, target price; project value/timeline to be defined in development phase starting Oct 2025).
- Credit Risk Update
- Post‑quarter, the company identified a potentially impaired customer with $32.8 M accounts receivable and $29.4 M contract assets; no further material costs expected; impairment assessment pending Q4 2025.
- Dividends
- Board declared eligible dividends of $0.07 per common share for Nov 2025, Dec 2025, Jan 2026, Feb 2026.
- Investor Call
- Webcast scheduled for 13 Nov 2025 at 10:00 a.m. ET to discuss quarterly results.
Notable Quotes
“Sustained demand in Bird’s key strategic sectors… helped drive Bird’s combined Backlog and Pending Backlog to over $10.0 billion…”. – Teri McKibbon, President & CEO
“The addition of marine construction expands the Company’s opportunities to participate in upcoming nation‑building initiatives.” – Teri McKibbon
All non‑material boilerplate, forward‑looking disclaimer text and company background have been omitted.
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