Aecon boosts profits after bolstering project backlog

TORONTO – Aecon Group Inc. says its fourth-quarter earnings shot up by nearly two-thirds from the same period last year as the construction firm shored up its project backlog.

The Toronto-based company says its net profit jumped to $19.7 million in the quarter ended Dec. 31 from $12.1 million in the same period in 2021.

It posted a revenue of $1.27 billion in its fourth quarter, compared to $1.09 billion a year earlier.

Aecon says its diluted earnings reached 26 cents per share, beating analyst expectations of 20 cents per share, according to financial data firm Refinitiv.

In December, Aecon snagged a $245-million BC Hydro contract to take the lead on an upgrade to the John Hart Dam, buoying its full-year backlog to $6.3-billion in a 29 per cent increase from 2021.

Four fixed-price legacy projects by joint ventures where Aecon is a partner registered an operating loss of $120 million, dragging down its full-year earnings to $30.4 million from $49.7 in 2021.

This report by The Canadian Press was first published Feb. 28, 2023.

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