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Aecon Group reports revenue growth of 14 per cent in Q3 results

Aecon Group reports revenue growth of 14 per cent in Q3 results | iNFOnews.ca
An Aecon construction site near the Gardiner Expressway is shown in Toronto on Friday, July 10, 2020. THE CANADIAN PRESS/Joe O'Connal

TORONTO – Aecon Group Inc. says its revenue increased year-over-year while profits dipped slightly in the third quarter of 2022.

The Toronto-based construction firm reported a $34.5 million profit for the three months ended Sept. 30, or diluted earnings per share of 45 cents, compared to $38.4 million during the same period in 2021, before adjusting for the impact of the Canada Emergency Wage Subsidy program in 2021.

The company posted revenue of $1.32 billion, compared to $1.16 billion in the same period last year.

New contract awards worth $991 million were booked in the third quarter of 2022 compared to $682 million in the same period in 2021.

In a news release, Aecon Group’s chief executive Jean-Louis Servranckx said the company continues to see strong demand for its services across Canada.

Revenue in the construction segment was up 14 per cent year-over-year, while revenue in civil operations, utilities operations and nuclear operations also rose.

This report by The Canadian Press was first published Oct. 26, 2022.

Companies in this story: (TSX:ARE)

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