Bird Construction announces 2016 fourth quarter and annual financial results

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Bird Construction Inc. says it ¬†generated net income of $25.0 million on construction revenue of $1,589.9 million in 2016 compared with $21.5 million and $1,444.8 million, respectively in 2015. The company organically grew revenue by $145.1 million or 10.0% from $1,444.8 million recorded a year ago, the company said in a news release. “The increase in construction revenues is largely due to the execution of the company’s significant institutional work program, including many PPP and alternative finance projects, secured in 2015.”

In the fourth quarter of 2016, Bird says it recorded net income of $5.8 million on construction revenue of $430.7 million compared with net income of $11.6 million and $413.4 million of construction revenue recorded in the fourth quarter of 2015.

“The increase in construction revenues is largely due to the execution of the Company’s significant commercial and institutional work program, including many PPP and alternative finance projects. As expected, the company’s industrial revenues declined relative to those recorded in 2015, primarily due to a reduced work program resulting from the successful completion of several large scale projects during the year and the general state of the market in 2016.”

Bird’s board of directors declared a monthly dividend of $0.0325 per common share for April 2017.

“The fourth quarter capped a year in which the company successfully completed several key industrial projects and saw revenues derived from our institutional work program grow significantly as the company continues to focus on larger scale, more complex projects,” president and CEO Ian Boyd said in a statement. “While backlog declined through the course of 2016, our pursuit activity increased in the fourth quarter and subsequent to year-end the company was successful in securing the initial phase of the Royal Columbian Hospital redevelopment and was named preferred proponent for the Hamilton Biosolids project, both key wins for the business.”

“Although we still anticipate a significant reduction in earnings in 2017 as compared to 2016, we are encouraged by our recent wins and our ability to capitalize on the growing number of opportunities in the PPP market, inclusive of social, transportation and environmental infrastructure projects,” he said.

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