Aecon predicts solid financial performance for 2014

Canadian contractor Aecon Group has reported a strong third quarter performance, with a +28% increase in its backlog at CA$ 2.7 billion (US$ 2.4 billion) as at September 30, 2014, compared to the same point in 2013.

The group posted steady revenues of CA$ 840 million (US$ 740 million) for the third quarter, down slightly on 2013’s Q3 figure of CA$ 897 million (US$ 790 million). Aecon attributed this drop to ‘longer than anticipated ramp-up on new projects as a result of externally-driven delays.’

Meanwhile, profit for the third quarter of 2014 was CA$ 39.5 million (US$ 34.8 million) compared to CA$ 34.4 million (US$ 30.4 million) in the third quarter of 2013.

Aecon booked new contract awards worth CA$ 818 million (US$ 722 million) for the period, up on CA$ 772 million (US$ 680 million) for the same period of 2013.

“Aecon’s third quarter results were consistent with seasonally stronger results posted in the second half of the year for the construction industry in Canada. We anticipate that Aecon will complete 2014 with another year of solid financial performance through a continued focus on execution and margins,” said Teri McKibbon, president and CEO, Aecon Group Inc.