Black Diamond Group reports 4% decrease in rental revenue, but sets records in other areas.

From GlobeNewswire: 2024-10-31 18:57:00

Black Diamond Group Limited reported a 4% decrease in consolidated rental revenue, at $37.9 million, compared to the same quarter last year. Modular Space Solutions rental revenue hit a record $24.5 million, up 11% from the Comparative Quarter, while Workforce Solutions rental revenue dropped 23% to $13.4 million due to project completions at the end of 2023.

Adjusted EBITDA for the Quarter was $28.8 million, down 21% from the Comparative Quarter, primarily due to lower contribution from WFS. Consolidated contracted future rental revenue grew 27% to $163.8 million. MSS rental rate per unit increased by 10% and contracted future rental revenue was up 28% to $127.6 million.

WFS performance for the Year was slightly below the prior year, with revenue and Adjusted EBITDA down 12% and 6%, respectively. LodgeLink set quarterly records with Gross Bookings up 31% to $27.2 million and net revenue growing 26% to $3.4 million. LodgeLink continues to scale with over 1.7 million rooms of capacity.

Black Diamond remains well-positioned for growth, with liquidity of $98.4 million and Net Debt to TTM Adjusted Leverage EBITDA of 2.2x. The Company announced a 17% increase to its quarterly dividend and is focused on driving profitable growth while expanding its rental revenue streams in North America and Australia.

The Company’s unaudited financial statements are available on the SEDAR website. Black Diamond is a specialty rentals and industrial services company operating in Canada, the United States, and Australia. MSS and WFS are its two operating business units, with LodgeLink providing digital marketplace services.



Read more at GlobeNewswire:: Black Diamond Reports Third Quarter 2024 Results and