North American Energy Partners (NYSE: NOA) reported Q2 EPS of $0.00, $0.10 better than the analyst estimate of ($0.10). Revenue for the quarter came in at $79.5 million versus the consensus estimate of $54.97 million.

Martin Ferron, Chairman and Chief Executive Officer of the Company stated, “This was a watershed period when we have demonstrated that, by taking proactive steps to mitigate the impact of seasonality on our business, we can achieve profitability in any quarter”.

Additionally, Mr. Ferron commented, “Looking ahead we now aim to achieve at least 30% growth in adjusted EBITDA and a very strong gain in earnings (EPS), for the full year. Beyond that our robust outlook has been further boosted by the previously announced awards of approximately $280 million of earthworks term contracts, by one customer, to be mainly executed in the 2019-2021 time frame”.

• Revenue for the quarter was $79.5 million, compared to $47.6 million for the prior year, an increase of 67.0%.
• Adjusted EBITDA for the quarter was $15.2 million compared to $2.0 million for the prior year. Adjusted EBITDA margin was 19.1% compared to 4.1% for the same period last year.
• Net income for the quarter was $33 thousand, compared to a net loss of $6.2 million for the prior year.
• In June 2018, the Company announced two new contracts bringing its anticipated backlog to $328.5 million of which $54.9 million is expected to be performed over the balance of 2018.
• On June 16, 2018, the Company received the Alberta Mine Safety Association Award of Safety Excellence for companies with over one million hours for mining work in Alberta.
• In the quarter, 647,800 shares were purchased and subsequently cancelled, leaving 288,986 shares remaining for purchase under the current NCIB.

For earnings history and earnings-related data on North American Energy Partners (NOA) click here.