Canada's North American Construction Q3 revenue rises; tightens FY outlook
NOA•North American Construction's third-quarter combined revenue rose 12% year over year, while adjusted EPS declined. It raised its 2026 revenue outlook to C$1.7 billion-C$1.8 billion and tightened adjusted EBITDA guidance to C$370 million-C$400 million from C$380 million-C$420 million.
1. Quarterly results
North American Construction reported a 12% year-over-year increase in combined third-quarter revenue. Adjusted EPS was C$0.25, adjusted net income was C$6.59 million and adjusted EBITDA was C$100.08 million, below the C$108.63 million consensus estimate. Gross profit was C$47.09 million, while operating income was a loss of C$6.05 million.
2. Outlook and drivers
The company raised its 2026 combined revenue outlook to C$1.7 billion-C$1.8 billion and narrowed its adjusted EBITDA guidance to C$370 million-C$400 million from C$380 million-C$420 million. It expects fourth-quarter improvement from the IMC ramp-up, stronger Australian margins and increased oil sands utilization. Australian operations revenue rose 42%, driven by the IMC acquisition and organic growth at MacKellar and DGI; margins faced added parts and labour costs at a Queensland thermal coal mine and operational inefficiencies at a Western Australian lithium mine. In Canada, the company attributed improved margins to ongoing fleet optimization.
