From GlobeNewswire: 2024-05-02 20:13:00

Black Diamond Group Limited announced its financial results for the first quarter of 2024. Consolidated rental revenue was $35.1 million, up 2% from the same period last year. Adjusted EBITDA was $19.4 million, down 9% due to deferred sales revenue. MSS rental revenue increased 5% to $21.5 million, with an 81% utilization rate.

Despite completion of camp rentals for pipeline projects, WFS rental revenue of $13.6 million remained consistent. LodgeLink net revenue grew 18% to $2.6 million. Total capital expenditures were $17.3 million, with long-term debt at $199.8 million. Net Debt to TTM Adjusted Leverage EBITDA was 1.8x, below the target range of 2.0x to 3.0x.

The outlook for 2024 is positive, with sales revenue expected to recover in the first half. MSS revenue grew 5% to $21.5 million, with an 81% utilization rate. WFS rental revenue remained stable at $13.6 million. LodgeLink saw a net revenue increase of 18% from last year.

Black Diamond plans to drive growth with investments in North America and Australia. The company has $148 million in liquidity and a Net Debt to TTM Adjusted Leverage EBITDA of 1.8x. The outlook for 2024 is supported by higher contracted rental revenues, a strong sales pipeline, and growth in LodgeLink.



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