Steel fabricator posts strong earnings, builds on order backlog through September
SAINT-GEORGES, Que.—Canam Group Inc. has posted its fifth consecutive earnings increase, recording a 31 per cent revenue gain compared to the same quarter a year ago, and a 39 per cent increase in net income versus 2014.
The Quebec-based firm, which is North America’s largest fabricator of steel components, secured numerous contracts during the quarter and built on its considerable order backlog. As of Sept. 26, the company’s order sheet included $1.23 million in bookings, compared to $1 million at the end of 2014.
“With this fifth consecutive quarterly increase, we are demonstrating our ability to translate the growth in non-residential construction into higher revenues and earnings,” Marc Dutil, Caman’s president and CEO, said. “We plan to maintain this disciplined approach in all our areas of activity, particularly bridges, in order to continue to improve our bottom line.”
Canam also finalized its acquisition of Montacier International Inc., a company located in Boisbriand, Que., in the third quarter. The company said the deal is in line with its goal of enhancing and integrating its product and service offerings in the construction industry.
Following the announcement, Canam shares were up approximately 3 per cent in late trading Oct. 29, approaching a ten-year high.