News

Aecon reports $34.4-million profit in Q3, revenue up from year ago

TORONTO – Aecon Group Inc. (TSX:ARE) said Monday it earned $34.4 million in its latest quarter, as revenue improved nearly 10 per cent.

The construction and engineering firm said the profit amounted to 53 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $35.8 or 50 cents per share a year ago when the company had more shares outstanding.

Revenue totalled $897.3 million, up from $820.5 million in the third quarter of last year.

“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,” chairman and chief executive John Beck said in statement.

The company said it booked $772 million in new contracts in the quarter compared with $938 million in the same period of 2012. Aecon’s order backlog stood at $2.09 billion at Sept. 30, in line with prior quarters this year.

Shares in the company, which reported its results after the close of markets, were up 56 cents at $14.79 on the Toronto Stock Exchange on Monday.