Mar 12, 2026
North American Construction (NOA) got a near-30% haircut on its Q4 results, which missed on a revenue slowdown that should persist through 2026 - with guidance representing ~7% growth at the midpoint.
Higher costs remain the real story though - with another retroactive charge in its Fargo-Moorhead JV, weather in Australia, mechanical availability issues in Canada, and labour shortages all weighing on margins…
… which could keep a lid on the multiple until showing signs of improvement.
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