05:04 PM EDT, 05/01/2024 (MT Newswires) -- Badger Infrastructure Solutions (BDGI.TO) on Wednesday said its first-quarter adjusted profit rose 24% as revenue rose to a record.

The oilfield-services company said its adjusted profit, which excludes most one-time items, rose to US$4.93 million, or US$0.14 per share, from US$3.96 million, or US$0.11.

Revenue rose 6.1% to US$161.56 million from US$143,22 million.

"We are pleased to report record first quarter revenue of $161.6 million, which was 13% higher than the first quarter of 2023, driven by our U.S. end markets. We've had a strong start to the year with record Adjusted EBITDA, 22% higher than last year as we continue to focus on improving our margins and profitability in the seasonally slower months," chief executive Rob Blackadar said in a release.

It reiterated its 2024 guidance.

Badger shares closed down C$0.08 to C$44.87 on the Toronto Stock Exchange.