Record backlog in Aecon’s Q3 results

Canadian construction company Aecon Group has released its third quarter figures for 2015, showing a record backlog of CA$ 3.39 billion (US$ 2.55 billion).

This compares with a backlog of CA$ 2.67 billion (US$ 2 billion) for the same period in 2014.

The company also reported revenue of CAN$ 875 million for Q3, representing a 4% increase on the same period last year.

This figure is adjusted to 7% on a like-for-like basis, excluding the impact of the sale of Aecon’s wholly-owned subsidiary Innovative Steam Technologies (IST) in April this year.

For the first nine months, revenue has climbed 8%, with growth in all three of the company’s main operating segments.

Subsequent to the reporting period, Aecon was jointly awarded two pipeline contracts in Alberta, with a total value of CA$ 70 million (US$ 52.8 million), as well as a five-year mining services contract, also in Alberta.

Aecon also announced the proposed sale of the company’s interest in the Quito International Airport Concessionaire (Quiport) is a step closer, having received anti-trust approval from the Government of Ecuador.

Net sales from the prospective transaction will be in the region of US$ 195 million.

President and CEO of Aecon, Teri McKibbon, said, "Aecon's strategic diversification remains a key strength, providing overall stability to our business.

"We are well positioned to work on the significant large-scale infrastructure and heavy civil opportunities on the horizon, and while there is still softness in commodity markets, we continue to bid and win work in the Energy segment, including a strong demand for fabrication and module services.”

He added, “Our Mining segment expects to see continued solid demand for its services and all segments have strong backlog going into 2016."