North American Construction Group(US:NOA)2023-11-04 13:39Q3 2023 Performance - Adjusted EBITDA was $59 million, comparable with Q3 2022, representing a 14.7% adjusted EBITDA margin[29] - Revenue from wholly-owned entities was comparable to Q3 2022, with increases from the ML Northern acquisition in Q4 2022 and higher DGI sales[31] - Adjusted EPS was $0.54, down 17% from the prior year period[32] - Free cash flow was $10 million, impacted by component quality issues, delays in joint venture distributions, and the timing of capital spending & working capital investments[35] - Combined revenue was $273 million, a $3 million increase compared to $270 million in Q3 2022[97] - Combined gross profit was $38 million with a 13.9% margin, compared to $40 million with a 14.7% margin in Q3 2022[97] - Adjusted EBIT was $25 million, representing 9.6% of combined revenue, compared to $31 million and 11.4% in Q3 2022[98] Strategic Initiatives and Outlook - The company closed the acquisition of MacKellar Group effective October 1, 2023, adding ~$450 heavy equipment assets and $2.0 billion of contractual backlog[22,82] - The bid pipeline contains $6.5 billion of specific scopes of work, up from $5.0 billion in Q2 2023[110] - The company is targeting a backlog of over $3.0 billion by year-end, offset scopes completed in Q4 2023[52] - The company anticipates combined revenue between $1.5 billion and $1.7 billion, adjusted EBITDA between $430 million and $470 million, adjusted EPS between $4.25 and $4.75, and free cash flow between $160 million and $185 million for 2024[57,59,60]