Aecon Group notches record revenues and contract bookings in 2018

MONTREAL — Aecon Group Inc. says it notched record annual revenues in 2018, allowing it to raise its quarterly dividend by two cents per share to 14.5 cents.

The construction firm logged a 16 per cent year-over-year increase in revenues to $3.27 billion last year, up from $2.81 billion in 2017. For the quarter ended Dec. 31, it says revenues rose 38 per cent to $948.5 million compared with the same period in 2017.

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The Toronto-based company says net profits jumped 32 per cent to $27.9 million last quarter, from $21.1 million with a year earlier.

That equalled 41 cents per diluted share, up from 33 cents per share in the previous year's quarter.

Aecon says it booked new contracts worth $5.8 billion in 2018, a record and a substantial increase from the $2.8 billion in contracts recorded in 2017.

Analyst Derek Spronck of RBC Dominion Securities says the firm benefited from new projects and milder winter weather last quarter.

Companies in this story: (TSX:ARE)

Note to readers: This is a corrected story. An earlier version described Aecon as an engineering firm.

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