Aecon Group reports strong second quarter
The Toronto-based construction company will remain focused on its current roster of projects
Toronto – Aecon Group Inc. today reported strong results for the second quarter of 2019, with year-over-year growth in revenue, adjusted EBITDA and operating profit, and quarter end backlog of $6.8 billion.
The company’s financial highlights include:
• Revenue for the three months ended June 30, 2019 of $867 million was $113 million, or 15%, higher compared to the same period in 2018. On a like-for-like basis, excluding the contract mining business sold in November 2018, growth in revenue was 22% in the quarter.
• Operating profit of $28.1 million for the three months ended June 30, 2019, improved by $15.3 million compared to an operating profit of $12.8 million in the same period in 2018, and compared to an operating profit of $23.9 million on a like-for-like basis in the prior year.
• Reported backlog as at June 30, 2019 of $6,755 million compares to backlog of $6,443 million a year earlier.
• A consortium in which Aecon has a 50% interest, announced financial close in the second quarter on the $640 million Highway 401 Expansion project in the Greater Toronto Area.
• GrandLinq Contractors, the construction consortium for which Aecon was the lead design-build partner, reached substantial completion and turnover for Revenue Service for the ION Stage 1 Light Rail Transit (LRT) project in Waterloo, Ont., on June 21, 2019. The GrandLinq consortium, in which Aecon Concessions has a 10% interest, will now manage operations and maintenance over the 30-year concession period.
• Aecon was awarded a $111 million design-build contract by the Comox Valley Regional District to construct the Comox Valley Water Treatment Project in British Columbia. Work on the project will commence in the third quarter and is expected to be complete in May 2021.