North American Construction Group Ltd. (NYSE:NOA) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET
Company Participants
Joe Lambert - President and CEO
Jason Veenstra - Executive Vice President and CFO
Conference Call Participants
Yuri Lynk - Canaccord
Aaron MacNeil - TD Securities
Rahul Malhotra - CIBC
Tim Monachello - ATB Capital Markets
Bryan Fast - Raymond James
Maxim Sytchev - National Bank Financial
Operator
Good morning, ladies and gentlemen. Welcome to the North American Construction Group Ltd. Fourth Quarter and Year Ended Results Conference Call and Webcast on Thursday, February 16, 2023.
At this time, all participants are in a listen-only mode. Following the management’s prepared remarks, there will be an opportunity for analysts, shareholders and bondholders to ask questions. The media may monitor this call in listen-only mode. They are free to quote any members of management, but they are asked not to quote remarks from any other participants without the participant’s permission.
The company wishes to confirm that today’s comments contain forward-looking information and that actual results could differ materially from a conclusion, forecast or projection contained in that forward-looking information.
Certain material factors or assumptions were applied in drawing conclusions or in making forecasts or predictions that are reflected in the forward-looking information. Additional information about those material factors is contained in the company’s most recent Management’s Discussion and Analysis, which is available on SEDAR and EDGAR, as well as on the company’s website at nacg.ca.
I will now turn the conference over to Joe Lambert, President and CEO.
Joe Lambert
Thanks, Julie. Good morning, everyone, and thanks for joining our call today. Similar to previous calls, I am going to start with our operational performance before handing it over to Jason for the financial overview and then I will conclude with the operational priorities, bid pipeline, outlook for 2023 and our capital allocation before taking your questions.
On slide three, our trailing 12-month total recordable rate of 0.53 represents a significant improvement from the start of the year and the Q4 rate of 0.30 was the best quarter of the year. The 0.53 achieved is slightly above our industry-leading target frequency of 0.5 and we will be focusing our efforts in 2023 on prevention of high potential injury events, implementing our active safety program, auditing critical tasks and further advancing our use of developing technology in areas such as collision avoidance, fatigue management and drone use for remote safety monitoring.