MISSISSAUGA — Mississauga-based Bird Construction has announced 2019 Q4 net income growth of nine per cent compared with the same quarter in 2018 in its most recent financial statement.
In the fourth quarter of 2019, the company recorded net income of $8.2 million on construction revenue of $420.6 million compared with net income of $6.4 million on $385.9 million of construction revenue in 2018, stated a March 10 release.
The year-over-year increase of revenue in the fourth quarter was driven by growth in industrial work programs more than offsetting a decline in institutional work programs.
In 2019, the company recorded net income of $9.5 million on construction revenue of $1.376 billion compared with a net loss of $1.0 million on $1.382 billion of construction revenue in 2018.
The report also provided updates on major projects and new contracts.
The company, through its joint venture with ATCO Structures, continues to progress on site construction work for the LNG Canada Cedar Valley Lodge in British Columbia. Construction commenced in the first quarter of 2019 and is planned to continue through spring 2021. Throughout the year modules were delivered and installed on site and core buildings continued to be erected and enclosed.
The facility is being built to house workers involved in the construction of LNG Canada’s natural gas liquefaction and export facility.
In 2019, Bird secured $1.628 billion of new contract awards and change orders and earned $1.376 billion in construction revenues. The new contract awards through the year contributed to a backlog of $1.547 billion for the company at Dec. 31, 2019, an increase of $251.5 million, or 19.4 per cent, from the $1.296 billion of backlog recorded at Dec. 31, 2018.
In the fourth quarter of 2019, Bird executed a subcontract with East-West Connectors, the consortium contracted by the City of Ottawa to design, build and finance the Stage 2 Confederation Line Extension project in Ottawa. Bird will construct seven Confederation Line Stage 2 light rail transit stations and one light maintenance and storage facility.
Substantial completion of the East Extension is expected in 2024 with the West Extension to achieve substantial completion in 2025.
In the third quarter of 2019, Bird signed a construction management contract with Westwood Construction to build a mixed-use development in north Halifax. The project will be undertaken over a three-year period and will include two highrise towers and two levels of underground parking. The full project value is approximately $140 million.
”I am pleased with both the continued improvement in our financial performance as a result of success in diversifying our work program and in achieving substantial performance on a challenging project subsequent to 2019 fiscal year end,” said Teri McKibbon, Bird president and CEO, in the release. “The company is well positioned going forward to deliver more consistent earnings with almost $2.2 billion in backlog and pending backlog at the end of the fourth quarter of 2019.”