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Jul 24, 2020

Aecon Group loses $6.2M in Q2 as revenue falls due to COVID-19

Christine Poole discusses Aecon Group

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TORONTO - Aecon Group Inc. swung to a loss in the second quarter as some construction projects were slowed by the COVID-19 pandemic and its stake in Bermuda's airport operations was hurt by a suspension of flights.

The Toronto-based construction firm says it lost $6.2 million for the period ended June 30, compared with a $20.4-million profit a year earlier.

That translated into a loss of 10 cents per dilute share, down from a profit of 31 cents per share in the prior year quarter.

Revenue dropped 10 per cent to $779.4 million, from $867.3 million.

Aecon was expected to lose 11 cents per share on $693.5 million of revenues, according to financial markets data firm Refinitiv.

Nonetheless, its backlog reached a record $7.25 billion by the end of the quarter, up from $6.75 billion as of June 30, 2019.