Price: $2.69 CAD / $2.10 USD
MC: 210 million USD
EV: 272 USD
1 year performance: +38%
FAR reported this morning. Results were in line with my expectations and the stock was flat.
Quarter Recap
All amounts in USD.
Rev at 86.6 million. Up 2%.
EBITDA at 18.7 million. Up 7%
Backlog at 236 million. Up 9%
They are proposing a 0.06 one time dividend later this year.
Call Notes
North America was off a bit, but other regions made up the difference.
They are moving some assets from Canada to US to execute on a new project.
They plan on staffing up this region moving forward.
Sounds like North America had some continued delays at the start of the year, so it may be a bit soft in Q1.
Junior pipeline is a quiet.
Priority is still to get debt down.
Closing Thoughts
Nothing major from the quarter for me. They are executing with strong margins in a market that should support their business. Paying down debt is a good priority from here. At some point, I would expect a regular dividend. My preference from here would be an SIB.
I continue to hold my shares.
Thanks for reading.
Dean
* long FAR.to