Aecon Group beats expectations as Q3 profits surges to $42 million

TORONTO – Aecon Group Inc. beat expectations as its net profit surged to $42 million and its order backlog reached a record high.

The Toronto-based construction firm says it earned 60 cents per share for the period ended Sept. 30, up from 37 cents per share or $24.6 million a year earlier.

Revenues grew 34 per cent to $1.02 billion, up from $759.7 million in the third quarter of 2017.

Aecon was expected to earn 48 cents per share on $849 million in revenues, according to analysts polled by Thomson Reuters Eikon.

The company’s order backlog has reached $7 billion, up from $4.3 billion a year earlier, paving the way for higher revenues and profitability through 2019, says new CEO Jean-Louis Servranckx.

Among the projects is its 20 per cent interest in the $5.7 billion Gordie Howe International Bridge and Gardiner Expressway rehabilitation project in Toronto.

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