11:24 AM EDT, 03/14/2024 (MT Newswires) -- National Bank of Canada said Wednesday that North American Construction Group Ltd. ( NOA ) 's adjusted EPS of $0.87 in the fourth quarter of 2023 missed the bank's forecast of $0.94.

Revenue of $326.3 million was below the bank's estimate of $332.6 million, while adjusted EBITDA of $101.1 million missed the bank's forecast of $116.6 million.

The bank said the company's revenue was impacted by heavy rainfall in Australia late in the quarter.

While the company's profitability was tempered by losses on Nuna-affiliated projects, National Bank said restructuring efforts are already in progress while other parts of the business are performing in line with management expectations.

The bank gave North American Construction Group ( NOA ) an outperform rating with a $43.00 price target.

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