Revenue up for Aecon
By Sarah Ann McCay06 November 2013
Canadian contractor Aecon Group saw revenue jump +9% for the third quarter ended 30 September 2013 to achieve CA$ 77 million (US$ 74 million).
The group’s operating profit also rose during Q3 2013, up CA$ 5.5 million (US$ 5.3 million) to CA$ 57.6 million (US$ 55 million), from CA$ 52.1 million (US$ 50 million) in the same period last year.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the third quarter increased to CA$ 79.5 million (US$ 76.2 million) on revenue of CA$ 897.3 million (US$ 861 million) versus CA$ 68.6 million (US$ 65.8 million) on revenue of CA$ 820.5 million (US$ 787 million) in the third quarter of 2012.
“Aecon delivered strong results in the third quarter of 2013. We anticipate that our fourth quarter results will be consistent with the usual seasonal trend, and that Aecon will complete 2013 with solid financial performance by continuing to execute our strategy with discipline and focus on the bottom line,” said John M Beck, chairman and CEO.
For the nine months ended 30 September, 2013, Aecon also recorded growth with revenue up +11% to CA$ 207 million (US$ 198 million).
Adjusted EBITDA for the nine months was CA$ 105 million (US$ 101 million) versus CA$ 94.1 million (US$ 90 million) in the same period in 2012, while operating profit was CA$ 42.6 million (US$ 40.8 million), compared to CA$ 45.7 million (US$ 43.8 million) for the same period in 2012.
Backlog was CA$ 2.1 billion (US$ 2 billion) as at 30 September 2013. New contract awards of CA$ 772 million (US$ 740 million) were booked in the third quarter of 2013, compared to CA$ 938 million (US$ 900 million) in the same period of 2012. New contract awards of CA$ 1.8 billion (US$ 1.7 billion) were booked in the first nine months of 2013, compared to CA$ 2.4 billion (US$ 2.3 billion) in the same period of 2012.