A raised sales range is not a raised earnings range
North American Construction (TSX: NOA, NYSE: NOA) reported second-quarter 2026 results on August 12. Combined revenue was $456.1 million, up 23 percent. Reported revenue was $401.0 million, up 25 percent. Adjusted EBITDA was $93.5 million, up 17 percent. Adjusted net earnings were $8.5 million, or $0.32 a share. IFRS net income was $9.4 million, or $0.35, down 9 percent, after $4.8 million of acquisition and integration costs and higher interest. Free cash flow was $23.0 million. Sustaining capital was $62.5 million. Cash interest was $18.2 million. The dividend is $0.12, payable October 2 to holders of record August 28.
Full-year combined revenue guidance is now $1.6 billion to $1.8 billion, midpoint $1.7 billion, up from a $1.6 billion midpoint. Adjusted EBITDA is still $380 million to $420 million. Free cash flow is still $110 million to $130 million. Backlog is $3.8 billion. Barry Palmer kept the $400 million EBITDA midpoint. Do not write the sales raise as an earnings raise.
IMC is Australia. Kearl is not the whole Canadian line
Australia heavy equipment rose 65 percent to $277.5 million. IMC, closed April 7, put $84.5 million on the reported line and $13.1 million of adjusted EBITDA. Legacy Australia added about $24.9 million. IMC economics run from January 1 under the deal. Canada heavy equipment fell 17 percent to $121.8 million. The company cites the late-2025 ultra-class truck sale, lower Syncrude activity, breakup, and weather, partly offset by Millennium support and a Kearl ramp. Joint-venture revenue was $49.7 million. Fargo-Moorhead is back to a profit after last year's margin reset. This is a contractor. It is not an oil-sands producer.