04:34 PM EDT, 08/01/2024 (MT Newswires) -- Badger Infrastructure Solutions ( BADFF ) on Thursday said it second-quarter adjusted profit rose 18% on higher revenues for its U.S. operations.

The oilfield-services company reported adjusted earnings of US$15.47 million, or US$0.45 per share, in the period, up from $US$13,15 million, or $0.38, in the year-prior quarter. Capital IQ forecast figures were given in Canadian dollars, making it difficult to gauge if the company beat forecasts on revenues and earnings.

The company's revenue rose 3.1% to US$186.84 million, up from $171.89 million in 2023. U.S. revenue was $165.6 million, 89% of the total revenue, up 14% from 2023. Canada revenue was $21.2 million or 11% of total revenue, down 19% from 2023. .

The company's board approved a quarterly dividend of C$0.18 per share for the third quarter, with payment to be made on or after Oct.15, to all shareholders of record on Sept. 30.

Badger said intends to file a notice of intention to make a Normal Course Issuer Bid with the Toronto Stock Exchange to buy back and cancel shares.

"Our U.S. end markets drove another quarter of solid overall growth, ... Adjusted EBITDA was 14% higher than last year as we continue to focus on improving our margins and profitability. The execution of our commercial, sales and pricing strategies have set the foundation for Badger to continue its journey as the industry leader in non-destructive excavation in 2024." said chief executive Rob Blackadar. "We are now in our busy construction season and remain focused on pricing, sales and utilization to continue to drive revenue growth and profitability. We have grown year-to-date revenues by over 10%, Adjusted EBITDA by 17% and Adjusted earnings per share by 18%."

Badger shares closed down $0.40 to $38.60 on the Toronto Stock Exchange.