Bird Reports 2025 Third Quarter Results; Record $10 Billion Combined Backlog and Pending Backlog

Core Insights - Bird Construction's combined Backlog and Pending Backlog exceeded $10.0 billion as of September 30, 2025, driven by sustained demand in key strategic sectors and a strong track record in complex projects [1][2] - The company achieved a record Backlog of over $5.0 billion in Q3 2025, with additional contracted work of over $1.3 billion [2][8] - Economic uncertainty impacted revenue growth, which increased modestly by 5.8% year-over-year, attributed to delays in self-perform Industrial work and certain contracted projects [2][6] Financial Performance - Q3 2025 construction revenue was $951.4 million, a 5.8% increase from $898.9 million in Q3 2024 [5][6] - Net income for Q3 2025 was $31.7 million, down from $36.2 million in Q3 2024, with earnings per share at $0.57 compared to $0.66 [6][7] - Year-to-date construction revenue for 2025 reached $2,519.8 million, compared to $2,460.7 million in 2024 [6][8] Backlog and Future Outlook - The company's Backlog grew to $5.0 billion, with Pending Backlog also at $5.0 billion, including over $700 million in recurring revenue from master service agreements [2][8] - Bird's liquidity position remains strong with $113.9 million in cash and $281.7 million available under its credit facility [8] - The acquisition of Fraser River Pile & Dredge for $82.3 million enhances Bird's capabilities in marine construction and positions the company for nation-building infrastructure projects [2][8] Strategic Initiatives - Bird was selected as the Preferred Proponent for the Peel Memorial Hospital Phase 2 Redevelopment project, indicating ongoing engagement in significant infrastructure initiatives [8] - The company continues to focus on expanding its self-perform capabilities and pursuing strategic acquisitions to diversify its service offerings [2][8]