BUZZ - Cardinal Infrastructure shares plunge after withdrawing annual outlook

November 12 - ** The share price of construction services company Cardinal Infrastructure (CDNL.O) fell 41.3% in pre-market trading, to $8.80

** If the decline persists, the stock could open at an all-time low

** The company has withdrawn its previously issued fiscal 2026 revenue and adjusted EBITDA margin forecasts (link)

** It has also postponed the proposed acquisition transaction with heavy civil construction and site development contractor Hughes Brothers

** Third quarter gross margin was 5.4%, down from 15.9% in the same period last year

** Results mainly reflected project estimate adjustments, residential pricing pressures, lower initial bidding margins for some commercial and industrial projects, and higher fuel and transportation costs

** Five brokerages have all given the stock a “buy” or higher rating; median target price is $44.50—LSEG data

** As of the close of the previous trading day, the stock was down 38% year-to-date

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