Aecon reports record backlog
By Sarah Ann McCay06 November 2012
Canadian contractor Aecon Group announced a record backlog as part of its third quarter 2012 results. The company’s backlog for the nine months of 2012 up to September 30 rose to US$ 2.8 billion compared to US$ 2.2 billion in the 2011 period, an increase of +25%.
Backlog was driven by US$ 938 million in new contract awards in Q3 2012, compared to US$ 869 million in 2011. For the first nine months of 2012 new awards totalled US$ 2.4 billion, an increase of +27% on 2011 figures, which reached US$ 1.9 billion.
Aecon also reported growth in gross profit, with Q3 2012 figures up US$ 9.1 million to US$105.4 million, while year to date figures sat at US$ 204.7 million, up US$ 43.3 million compared to the same point in 2011.
EBITDA increased by +19% in the third quarter and by +39% year to date.
"We are making steady progress in financial performance as a result of leveraging scope and scale with a focus on execution. Aecon's EBITDA has improved significantly over 2011 and we remain steadfast in continuing the overall trend of improving margins and earnings going into 2013," said John M. Beck, chairman and CEO.