NOA - Why North American Construction Group Stock Is Surging Today
2023-07-27 16:08:02 ET
Construction and mining services company North American Construction Group (NYSE: NOA) reported strong growth, and the company also announced a deal that would greatly expand its presence in Australia. The company's shares are rallying as a result, up more than 30% on Thursday afternoon.
North American operates one of the continent's largest fleets of hauling trucks, shovels, and mining equipment used in construction , mining , and energy extraction. The Alberta-based company earned 0.40 Canadian dollars per share on revenue of CA$193.6 million ($145 million) in the second quarter, significant growth compared to the CA$0.17 per share in earnings on sales of CA$168 million reported a year ago.
The company attributed the growth to strong demand from oil sands regions. North American generated adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) of CA$51.8 million in the quarter for a margin of 18.7%.
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Why North American Construction Group Stock Is Surging Today