North American Construction (TSE:NOA) has released an update.
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North American Construction Group Ltd. (NACG) reported a strong first quarter in 2024 with a record revenue of $345.7 million, an increase from the previous year’s $322.3 million, attributed to robust operations in Australia. The company saw an adjusted EBITDA of $93.3 million with improved margins, although cash flow from operations decreased due to changes in working capital. Despite utilizing free cash flow for its capital maintenance program and facing an increased net debt, NACG achieved a historical contractual backlog of over $3.0 billion and remains optimistic about future utilization and returns.
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