Oct 25, 2018
Aecon beats as Q3 profit surges to $42M
The Canadian Press
TORONTO - Aecon Group Inc. (ARE.TO) beat expectations as its net profit surged to $42 million and its order backlog reached a record high.
The Toronto-based construction firm says it earned 60 cents per share for the period ended Sept. 30, up from 37 cents per share or $24.6 million a year earlier.
Revenues grew 34 per cent to $1.02 billion, up from $759.7 million in the third quarter of 2017.
Aecon was expected to earn 48 cents per share on $849 million in revenues, according to analysts polled by Thomson Reuters Eikon.
The company's order backlog has reached $7 billion, up from $4.3 billion a year earlier, paving the way for higher revenues and profitability through 2019, says new CEO Jean-Louis Servranckx.
Among the projects is its 20 per cent interest in the $5.7 billion Gordie Howe International Bridge and Gardiner Expressway rehabilitation project in Toronto.
