Aecon records healthy first quarter

Aecon has recorded revenues of CAD$ 691 million (US$ 541 million) for the first quarter of 2016, representing a 38% increase from the same period a year ago.

The company also recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of CAD$ 4.2 million (US$ 3.29 million), compared with CAD$ 6.5 million (US$ 5.09 million) in the first quarter of 2015.

Aecon further announced a record backlog of CAD$ 4.6 billion (US$ 3.6 billion), compared with CAD$ 2.78 billion (US$ 2.25 billion) a year ago.

The company said that new contracts worth CAD$ 2.03 billion were recorded in the first quarter of 2016 alone.

Teri McKibbon, president and CEO, said, “Aecon's first quarter results represent continued positive performance including increased revenue and Adjusted EBITDA in each of the infrastructure, energy, and mining segments, and a new record backlog of CAD $4.6 billion (US$ 3.6 billion).

“In the Infrastructure segment, we expect to continue to achieve success in the pursuit of large-scale infrastructure projects, some of which will include our concessions segment through the public-private partnership model, and along with recently secured projects, these segments should experience ongoing growth over the next few years.”

He added, “Aecon's strong backlog position and strategic diversification, combined with significant infrastructure spending, bodes well for Aecon's continued positive performance in 2016.”