CALGARY, Alberta, March 11, 2025 (GLOBE NEWSWIRE) — FLINT Corp. (“FLINT” or the “Company”) (TSX:FLNT) today announced its results for the three and twelve months ended December 31, 2024. All amounts are in Canadian dollars and expressed in millions of dollars unless otherwise noted.
“EBITDAS” and “Adjusted EBITDAS” are not standard measures under IFRS. Please refer to the Advisory regarding Non-GAAP Financial Measures at the end of this press release for a description of these items and limitations of their use.
“2024 was the third consecutive year of record annual revenues for FLINT at $710.6 million, representing an increase of 8.4% over 2023. This performance was driven by the advancement of our organic growth strategy across Canada and the successful completion of our busiest turnaround season on record. Our annual total recordable injury frequency (“TRIF”) rate fell to 0.13, representing the best safety performance in our Company’s history. The unwavering commitment of our employees to uphold our core values and deliver our services safely, on time, and on budget provides our valued clients with high-quality, predictable outcomes, which is paramount to our success,” said Barry Card, Chief Executive Officer.
“2024 was also highlighted by improving our Adjusted EBITDAS to $35.5 million, which represents an increase of 7.5% over 2023 and generating net income of $1.3 million. We have consistently improved our financial performance over the past three years with our organic growth strategy. As we look ahead, we remain dedicated to advancing our strategies with industrial market diversification and geographic expansion, upholding our commitment to our stakeholders, while advancing our position in the markets we serve,” added Mr. Card.
ANNUAL HIGHLIGHTS
Revenues for the year ended December 31, 2024 were $710.6 million, representing an increase of $54.8 million or 8.4% from 2023. The increase in revenue was primarily due to the advancement of our growth strategy which led to our busiest turnaround season on record combined with the increase in revenues from environmental services as those services continue to grow.
Gross profit for the year ended December 31, 2024 was $74.9 million, representing an increase of $7.4 million or 11.0% from 2023. The increase in gross profit was primarily due to the increase in revenue noted above.
Gross profit margin for the year ended December 31, 2024 was 10.5% compared to 10.3% in 2023. The increase in gross profit margin was primarily due to the mix of work compared to the same period of 2023.
Adjusted EBITDAS for the year ended December 31, 2024 was $35.5 million, representing an increase of $2.5 million or 7.5% from 2023.
Adjusted EBITDAS margin for the year ended December 31, 2024 was 5.0% consistent with 5.0% from the same period in 2023.
Selling, general and administrative (“SG&A”) expenses for year ended December 31, 2024 were $41.1 million, representing an increase of $5.4 million or 15.1% from 2023. As a percentage of revenue, SG&A expenses for the year ended December 31, 2024 were 5.8%, an increase from 5.4% in 2023. The increase in SG&A expenses, both on an absolute basis and as a percentage of revenue, is primarily due to higher personnel costs to support the Company’s organic growth strategy and increased professional fees to assist in the ongoing continuous improvements in the business post the implementation of the Company’s enterprise resource planning system. The absolute increase in SG&A in 2024 was also required to support the concentrated turnaround season we executed in the latter part of 2024.
Income from continuing operations for the year ended December 31, 2024 was $1.6 million, representing an increase of $14.5 million or 112.6% from 2023. The income variance was driven by the impairment of assets of $11.5 million that was recorded in 2023 combined with improvement in gross profit margin in 2024, partially offset by higher SG&A expenses in 2024.
Liquidity, including cash and available credit facilities, was $59.7 million at December 31, 2024, as compared to $56.7 million at December 31, 2023.
New contract awards and renewals totaled approximately $371.2 million for the year ended December 31, 2024.
FOURTH QUARTER HIGHLIGHTS
Revenues for the three months ended December 31, 2024 were $187.2 million, representing an increase of $37.5 million or 25.0% from the same period in 2023. The increase in revenue was primarily due to the high activity levels experienced in the third quarter of 2024 continuing into the fourth quarter of 2024.
Gross profit for the three months ended December 31, 2024 was $20.2 million, representing an increase of $3.0 million or 17.7% from the same period in 2023.
Gross profit margin for the three months ended December 31, 2024 was 10.8%, compared to 11.5% for the same period in 2023. The decrease in gross profit margin as a percentage of revenue was primarily due to the mix of work compared to the same period of 2023.
Adjusted EBITDAS for the three months ended December 31, 2024 was $10.6 million, representing an increase of $1.7 million or 19.0% from the same period in 2023.
Adjusted EBITDAS margin was 5.6% for the three months ended December 31, 2024 compared to 5.9% for the same period in 2023.
SG&A expenses for the three months ended December 31, 2024 were $9.9 million, representing an increase of $1.0 million or 11.4% from the same period in 2023. As a percentage of revenue, SG&A expenses for the three months ended December 31, 2024 were 5.3%, compared to 5.9% for the same period in 2023. The increase in SG&A expenses on an absolute basis, is primarily due to higher personnel costs and higher occupancy costs.
Income from continuing operations for the three months ended December 31, 2024 was $1.7 million, representing an increase of $1.9 million or 764.3% form the same period in 2023. The income variance was driven by the increase in gross profit margin partially offset by higher SG&A expenses.
New contract awards and renewals totaled approximately $36.4 million for the three months ended December 31, 2024 and $47.7 million for the first two months of 2025. Approximately 71.9% of the work is expected to be completed by the end of 2025, with the balance completed between 2026 and 2030.
FOURTH QUARTER AND ANNUAL 2024 FINANCIAL RESULTS
($ thousands, except per share amounts)
Three months ended December 31,
Twelve months ended December 31,
2024
2023
% Change
2024
2023
% Change
Revenue ($)
187,175
149,682
25.0
710,554
655,745
8.4
Gross Profit ($)
20,180
17,145
17.7
74,925
67,513
11.0
Gross Profit Margin (%)
10.8
11.5
(0.7
)
10.5
10.3
0.2
Adjusted EBITDAS(1)
10,551
8,868
19.0
35,477
33,002
7.5
Adjusted EBITDAS Margin (%)
5.6
5.9
(0.3
)
5.0
5.0
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