05:29 PM EDT, 03/13/2024 (MT Newswires) -- North American Construction Group ( NOA ) (NOA.TO, NOA were last seen down 2.4% in after-hours New York trading after the company on Wednesday said its fourth-quarter profit fell 32% even as revenue climbed by 40%, while its adjusted profit lagged estimates.

The company said net income fell to C$17.65 million, or C$0.58 per share, in the period, down from C$26.08 million, or C$0.84, in the year-prior quarter.

Adjusted profit per share, which excludes most one-time items fell to C$0.87 from C$1.10, missing the consensus analyst estimate for the measure of C$1.00 per share.

The company said the profit drop came "as higher gross profit was more than offset by increased interest expense, increased general and administrative expenses from the one-time acquisition costs, and lower equity earnings from our joint ventures".

Revenue rose to C$326.3 million from C$233.42 million as it completed the acquisition of Australia's MacKellar Group at the beginning of the quarter, adding C$122.5 million of revenue..

"The acquisition of the MacKellar Group is a milestone moment for our company and I'd like to thank all the employees for the hard work that has been put in to make these first few months in Australia such a success. In both Queensland and Western Australia, we are excited by the many prospects we have in front of us and look forward to sharing best practices and in-house maintenance expertise, as well as equipment where appropriate, to facilitate these growth opportunities.," chief executive Joseph Lambert said in a release.

The company said it expects 2024 revenue of around C$1.6 billion, from C$1.3 billion last year, while adjusted profit is seen at around C$4.50 per share, from C$2.83 in 2023.

North American Construction Group ( NOA ) shares were last seen down US$0.60 to US$24.78 after hours. They closed up C$0.19 to C$34.14 on the Toronto Stock Exchange.