top of page
Writer's picturefitzgeraldfliam

TickerCode Portfolio: Quarterly earnings review

Updated: Jul 22

Between late April and late May 2024, the companies included in the TickerCode portfolio released their earnings for first quarter of 2024.


As outlined below, every single company demonstrated a significant improvement in revenue and net income growth compared with the first quarter of 2023.



Source: Company Data

*Note: Kraken's net income growth is not listed as it was a negative number in 2023.


Below is a breakdown and summary of reported results from the companies listed in The TickerCode Portfolio which comprises of:


  • Archrock

  • Bird Construction

  • Blue Bird Corporation

  • Kraken Robotics


Archrock (NYSE: AROC)


April 30, 2024, Archrock, Inc. (NYSE: AROC) (“Archrock”,” the “Company,” “we,” “us,” “our”) reported results for the first quarter 2024.


First Quarter 2024 Highlights


  • EPS: US$0.26 (up from US$0.10 in 1Q 2023).

  • Revenue: US$268.5m (up 17% from 1Q 2023).

  • Net income: US$40.5m (up 157% from 1Q 2023).

  • Profit margin: 15% (up from 6.9% in 1Q 2023). The increase in margin was driven by higher revenue.

  • Raised 2024 Adjusted EBITDA guidance to a range of $510 million to $540 million, indicating 13-20% increase on full year 2023 results.

Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 16%.


Management Commentary and Outlook

Brad Childers, Archrock's President and Chief Executive Officer made the following remarks regarding the earnings release:

  • “Momentum in Archrock’s earnings power is carrying into 2024, reflecting our excellent operating execution, high-quality asset base and innovative processes and technology,”

  • "In addition, strong cash flow is funding high-return investment in our fleet and increased return of capital to investors, while we also continue to maintain a sector-leading balance sheet and excellent financial flexibility."

  • “As we look to the balance of 2024, we expect to sustain historically high levels of utilization, pricing and profitability.

  • “Expanding on the favorable and durable macro environment, strong oil prices are driving sustainable compression demand in our key associated gas markets, led by the Permian Basin. "

  • "Longer term, we believe natural gas has tremendous potential to meet growing energy needs, particularly for LNG exports and domestic power generation and we are excited to be a crucial part of the value chain to provide cleaner, affordable and reliable energy to the U.S. and the world,”


Bird Construction (TSX: BDT)


May 15, 2024, Bird Construction (TSX: BDT) (“Bird”,” the “Company,” “we,” “us,” “our”) reported results for the first quarter 2024.


First Quarter 2024 Highlights

  • EPS: CA$0.19 (up from CA$0.096 in 1Q 2023).

  • Revenue: CA$688.2m (up 28% from 1Q 2023).

  • Net income: CA$9.98m (up 94% from 1Q 2023).

  • Profit margin: 1.5% (up from 1.0% in 1Q 2023).

  • Bird added $697.7 million in securements to its Backlog in the first quarter, maintaining record Backlog levels of $3.5 billion on March 31, 2024.

  • During the first quarter of 2024, the Company announced that it had, as part of a 50/50 joint venture, entered into an Alliance Development Agreement to work collaboratively with Metrolinx to deliver the East Harbour Transit Hub, one of the first major projects in Canada to be procured using an ‘alliance’ model.

  • In January 2024, the Company announced that it had acquired the assets of NorCan Electric Inc. (“NorCan”) for total consideration of $11 million. NorCan is a leading electrical and instrumentation contractor providing maintenance turnaround and sustaining capital services in the Regional Municipality of Wood Buffalo in Alberta.


Management Commentary and Outlook

Commenting on the quarterly results, Terri Mckibbon, CEO of Bird Construction advised:

  • "Our strong reputation for collaborative delivery of complex work combined with a strong suite of self-perform capabilities ensures we can pursue the right opportunities."

  • "We continue to expect considerable overall revenue growth for the remainder of the year with significant improvements to earnings and cash flow compared to 2023."

  • "Our expectations for longer term earnings accretion are supported by the robust demand across Bird's target sectors and by macro trends in critical areas aligned to longer term investment cycles, including energy transition, population growth and infrastructure modernization."


Blue Bird Corporation (NASDAQ: BLBD)


May 9, 2024 Blue Bird Corporation (NASDAQ:BLBD) (“Blue Bird”,” the “Company,” “we,” “us,” “our”) reported results for the first quarter 2024.


First Quarter 2024 Highlights

  • EPS: US$0.81 (up from US$0.22 in 2Q 2023).

  • Revenue: US$345.9m (up 15% from 2Q 2023).

  • Net income: US$26.0m (up 265% from 2Q 2023).

  • Profit margin: 7.5% (up from 2.4% in 2Q 2023).

  • Raised 2024 Adjusted EBITDA guidance to $155 million, representing a 76.14% increase from full year 2023 EBITDA of $88 million.


Management Commentary and Outlook

Phil Harlock, CEO of Blue Bird Corporation, left several remarks following the release of the company's results:

  • " We are excited for new EV orders over the next year from the recently announced Phase 2 (A and B) of the 5-year program, which provides at least $1.5 billion in grant and rebate funding for electric school buses. "

  • "We’ve been working aggressively with our dealers and school districts in submitting applications and we are confident that continued, exciting growth is ahead for Blue Bird on the EV front!"

  • " (2024) will be an all-time full-year record for Blue Bird, and we look forward to sustained profitable growth in the coming years, particularly as the global supply-chain recovery progresses."


Kraken Robotics (TSX: PNG)


May 29, 2024 Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (“Kraken” or the “Company”), announced it has filed its financial results for the quarter ended March 31, 2024 (“Q1 2024”).


First Quarter 2024 Highlights

  • EPS: CA$0.01 (up from CA$0.006 loss in 1Q 2023).

  • Revenue: CA$20.9m (up 176% from 1Q 2023).

  • Net income: CA$2.18m (up CA$3.51m from 1Q 2023).

  • Profit margin: 10% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue.

  • 2024 revenue guidance between $90.0 million to $100.0 million representing 29% to 44%% increase from full year 2023 revenue.

  • Guidance for 2024 Adjusted EBITDA in the $18.0 million to $24.0 million range, representing a 28% to 70% increase.

Management Commentary and Outlook

Kraken President and CEO Greg Reid advised the following off the back of the record quarter:

  • " With our recently closed $20 million equity financing and $45 million of new committed credit facilities, our balance sheet has been strengthened as we pursue and execute on multiple sizeable subsea defense and commercial programs,”.

  • “Our participation at various trade shows, customer demonstrations, and UUV user groups continues to re-affirm the strong demand signals we see in the market and our solid competitive position."

  • At the beginning of the year when we quoted a sales pipeline of more than $900 million, we noted that we would only be providing numerical updates on an annual basis, not quarterly. However, through the first five months of this year, we can say that our sales pipeline has expanded significantly from the beginning of the year "

  • "Outside of defense, commercial market activity is strong, driven by the development and maintenance of offshore wind and offshore oil and gas infrastructure."

  • "Momentum in this market is visible as numerous suppliers and customers in this market post strong financial results and growth outlooks and M&A activity grows."


FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of a number of Corporations, including sales volume and profitability. These statements are provided for the purpose of assisting the reader in understanding financial performance and prospects and to present management's assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.

Forward-looking statements are based on assumptions and on management's best possible evaluation of future events and are subject to risks, uncertainties and other important factors that could cause the Corporation's actual performance to differ materially from expected results expressed in or implied by such statements. Such factors include, but are not limited to customers, supply chain, the aerospace industry and the economy in general; the impact of other worldwide geopolitical and general economic conditions; industry conditions including changes in laws and regulations; increased competition; the lack of availability of qualified personnel or management; availability of commodities and fluctuations in commodity prices; financial and operational performance of suppliers and customers; foreign exchange or interest rate fluctuations; and the impact of accounting policies issued by international standard setters. Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements.


As a result, readers are advised that actual results may differ materially from expected results. Unless otherwise required by applicable securities laws, the Corporation expressly disclaims any intention, and assumes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.


NON-IFRS FINANCIAL MEASURES

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted earnings per share and free cash flow are financial measures not prescribed by International Financial Reporting Standards ("IFRS") and are not likely to be comparable to similar measures presented by other issuers. Management considers these to be useful information to assist investors in evaluating the Corporation's profitability, liquidity and ability to generate funds to finance its operations. Refer to Non-IFRS Financial Measures section under Operating Results in the Corporation's MD&A for definitions of these measures and reconciliations to the most comparable IFRS measures.



0 views
bottom of page