North American Construction Group Ltd (TSE:NOA)
TSX:NOA
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.39Last Year’s EPS
0.21Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely constructive outlook: strong backlog and a large bid pipeline, record regional revenue in Australia, a transformational IMC acquisition that expands assets and backlog, solid free cash flow generation and modest net debt reduction. These positives were tempered by notable near-term execution challenges — chiefly a $13 million net Fargo cost adjustment and weather impacts that reduced margins in Q4 (EBITDA margin down to 23%), plus elevated depreciation and a regulatory delay on IMC close. Management provided clear operational priorities, targeted Australia cost savings (3%–5%), and reiterated 2026 guidance (midpoint revenue $1.6B, adjusted EBITDA $400M, FCF $120M) with expected improvement in H2, indicating confidence in recovery and growth. On balance the highlights point to continued growth and improved momentum while the lowlights appear manageable and largely transitory.Company Guidance
Record Australia Q4 Revenue
Australia revenue of $176 million in Q4 was a quarterly record for the region despite wet weather, contributing to combined Q4 revenue of $344 million.
Solid Backlog and Large Bid Pipeline
Total backlog approximately $3.9 billion with $1.2 billion secured for 2026; total bid pipeline ~ $12.6 billion including $4.6 billion in active tender/procurement.
2026 Midpoint Guidance and Expected Improving Cadence
Company reaffirmed midpoint 2026 targets: combined revenue $1.6 billion, adjusted EBITDA $400 million and free cash flow $120 million, with meaningful improvement expected in H2 2026 (historically H2 ~20% higher than H1).
IMC Acquisition to Scale Australian Platform
Acquisition of Iron Mine Contracting expected to close early Q2 2026 (subject to ACCC approval); IMC brings ~120 heavy assets and ~ $1 billion contractual backlog, increasing overall backlog by ~30% and Australian backlog by ~35%.
Workforce and Activity Growth
Employee exposure hours rose to 7.1 million in 2025, a 15% increase from 6.3 million in 2024, reflecting a growing workforce of ~3,300 employees and increasing baseload momentum.
Strong Free Cash Flow Generation
Q4 free cash flow of $57 million and Q3 $46 million produced $103 million of free cash flow in H2 2025; net cash provided by operations prior to working capital was $56 million in Q4.
Net Debt Reduction and Liquidity Position
Net debt ended the quarter at $878 million, down $26 million quarter-over-quarter; cash liquidity improved to $422 million (from $334 million), and net debt leverage ended at 2.4x (senior secured 1.4x).
Operational Efficiency Targets and Expected Savings
Management targeting 3%–5% cost savings in Australia through workforce optimization (reducing subcontractor reliance and rightsizing labor mix); half of 2026 free cash flow is expected to be directed to growth with remainder to dividends and debt paydown.
North American Construction Group (TSE:NOA) Earnings, Revenues Date & History
TSE:NOA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:NOA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 11, 2026 | C$22.66 | C$16.40 | -27.63% |
Nov 12, 2025 | C$19.93 | C$18.47 | -7.29% |
Aug 13, 2025 | C$22.57 | C$17.47 | -22.57% |
May 14, 2025 | C$22.96 | C$23.48 | +2.26% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does North American Construction Group Ltd (TSE:NOA) report earnings?
North American Construction Group Ltd (TSE:NOA) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is North American Construction Group Ltd (TSE:NOA) earnings time?
North American Construction Group Ltd (TSE:NOA) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What is TSE:NOA EPS forecast?
TSE:NOA EPS forecast for the fiscal quarter 2026 (Q1) is 0.39.