Thursday’s small caps to watch: Earnings from Bird Construction, Ag Growth, Cargojet, Fiera Capital and more

A look at some small-cap stocks making news - or about to. This file will be updated throughout the day on Thursday.

Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 23 per cent over the past 52 weeks. It hit a record 1,496.55 on June 2. The Russell 2000 in the U.S. is up about 15 per cent over the past 52 weeks and reached a high of 3,069.71 on Aug. 14.

Small-cap summary:

Bird Construction Inc. (BDT-T) shares could be active on Thursday after the company reported third-quarter results that beat expectations.

After markets closed on Wednesday, the company reported revenue of $1.3 billion, up from $951.4 million a year ago. Revenue beat expectations of $1.16 billion, according to S&P Capital IQ estimates.

Net income of $51.1 million, or 92 cents per share, compared to net income of $31.7 million, or 57 cents per share, last year.

Adjusted earnings of $62.6 million, or $1.13 per share, compared to $35.4 million, or 64 cents, last year. The result beat expectations of 91 cents per share.

Adjusted EBITDA was $106.3 million, up from $66.9 million a year ago and ahead of expectations of $92.3 million.

“Bird delivered another record quarter, with broad-based organic growth and strong execution across our Industrial, Buildings and Infrastructure businesses driving significant growth in revenue and earnings, meaningful margin expansion, and strong Free Cash Flow generation,” stated CEO Teri McKibbon in a release.

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Ag Growth International Inc. (AFN-T) reported mixed results for its third quarter.

After markets closed on Wednesday, the company reported revenue of $340 million, which was in line with expectations according to S&P Capital IQ, and down from $389 million a year earlier.

Adjusted EBITDA of $39 million was down from $71 million a year ago. The expectation was for $49.7 million, according to S&P Capital IQ.

“Our third quarter results demonstrate meaningful progress in the areas we can control, including cash generation, debt reduction, structural cost actions and stronger Farm performance,” stated CEO Paul Brisebois. “At the same time, Commercial results remain below our expectations as lower volumes, challenging market conditions and the planned wind-down of Brazil Long-Term Financed Projects weighed on performance.”

Excluding the impact of the Brazil Long-Term Financed Projects and bad debt expenses, adjusted EBITDA would have been approximately $49 million, “underscoring the underlying progress across the broader business,” he stated, adding the company is “acting with urgency to simplify the business, restore local accountability, and improve execution.”

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Cargojet Inc. (CJT-T) reported its highest-ever third-quarter revenue, beating expectations.

After markets closed on Wednesday, the company reported revenue of $286.5 million, up 30 per cent from $219.9 million in the same quarter last year. The expectation was for revenue of $270.7 million, according to S&P Capital IQ.

Net earnings were $19.1 million, or $1.28 per share, were up from $8.8 million or 58 cents per share a year earlier. On an adjusted basis, the earnings were $1.21 per share, up from 32 cents last year.

Adjusted EBITDA was $90.2 million, up from $70.4 million last year.

“Cargojet delivered record third-quarter revenue and Adjusted EBITDA, reflecting our team’s strong execution and continued focus on revenue quality, cost control, network efficiency and asset utilization,” CEO Pauline Dhillon stated in a release.

“Over the past year, we have taken decisive steps to strengthen our business while maintaining the flexibility to adapt to changing market conditions and shifting global trade patterns. These efforts contributed to a 117% increase in net earnings to $19.1 million and $62.1 million in free cash flow.”

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Fiera Capital Corp. (FSZ-T) reported third-quarter results that missed expectations.

After markets closed on Wednesday, the company reported revenue of $150.4 million, down about 5 per cent from $167.1 million a year earlier. The result was below expectations of $154.6 million, according to S&P Capital IQ.

Net earnings were $6.7 million, or 6 cents per share, compared to $5.8 million, or 5 cents, a year ago. Adjusted net earnings were $23.9 million, or 19 cents per share, compared to $25 million or 23 cents per share, a year earlier. The expectation was for adjusted earnings to come in at 20 cents per share in the latest quarter.

Total assets under management of $151.4 billion decreased by $12.1 billion or 7.4 per cent compared to June 30.

“We continue to proactively manage the business in a challenging market environment for quality-biased, high-conviction active managers while maintaining our commitment to long-term value creation,” said CEO Maxime Ménard. “We are broadening our range of return drivers, including core and quantitative investment strategies, while remaining focused on building a more streamlined, stronger, and more accountable organization through disciplined capital allocation, effective governance, and clear alignment with the long-term interests of our clients and shareholders.”

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Corby Spirit and Wine Ltd. (CSW-A-T) reported higher revenue and earnings for its first quarter ended Sept. 30.

After markets closed on Wednesday, the company reported revenue of $70.1 million, up from $69.1 million a year earlier and in line with expectations.

Adjusted EBITDA totaled $22.2 million, up from $20.3 million a year ago.

Net earnings of $27.6 million, or 97 cents per share, were up from $10.2 million, or 36 cents, last year. On an adjusted basis, earnings came in at 46 cents per share, up from 39 cents last year.

“Fiscal 2027 is off to a solid start, with topline continuing to benefit from the diversity of our portfolio,” stated CEO Florence Tresarrieu in a release. “We expect the spirits market to remain uncertain and volatile for the foreseeable future, especially given the potential for U.S. products to return to shelves. We remain disciplined in managing our cost base while continuing to invest behind our strategic priorities, with a focus on delivering profitable growth, maintaining a strong balance sheet and supporting a sustainable dividend for shareholders.”

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Upcoming small-cap earnings:

Nov. 12: Sienna Senior Living Inc. (SIA-T), Apotex Health Corp. (APTX-T), Automotive Properties REIT (APR-UN-T), AutoCanada Inc. (ACQ-T), Grown Rogue International Inc. (GRIN-CN), K-Bro Linen Inc. (KBL-T), Ascend Wellness Holdings, Inc. (AAWH-U-CN), Auxly Cannabis Group Inc. (XLY-T), HLS Therapeutics Inc. (HLS-T), Aurora Cannabis Inc. (ACB-T), Vecima Networks Inc. (VCM-T), AGT Food and Ingredients Inc. (AGTF-T), Cipher Pharmaceuticals Inc. (CPH-T), VitalHub Corp. (VHI-T), Martinrea International Inc. (MRE-T), Dye & Durham Ltd. (DND-T)

Nov. 16: Ballard Power Systems (BLDP-T). Canaccord Genuity Group Inc. (CF-T) (rescheduled from Nov. 10)

Nov. 19: Real Matters Inc. (REAL-T)

Nov. 25: Blue Ant Media Corp. (BAMI-T)

Nov. 26: Rogers Sugar Inc. (RSI-T)

Dec. 2: EQB Inc. (EQB-T)

Dec. 9: Transcontinental Inc. (TCL-A-T)