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Aecon beats expectations, sees revenues rise, but Q1 net loss widens

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April 24, 2020 by The Canadian Press

Refurbishment work at Ontario’s Darlington nuclear plant was one of the many projects the contractors was working on in the first quarter. PHOTO: Ontario Power Generation

TORONTO—Aecon Group Inc. beat expectations even though its net loss widened in the first quarter as revenues increased 15 per cent.

The Toronto-based construction firm says it lost $11.4 million or 19 cents per diluted share for the period ended March 31. That compared with a loss of $9.8 million or 16 cents per share a year earlier.

Revenues increased to $747.5 million from $650.3 million while it maintained a near-record order backlog of $7 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $19.2 million from $11.9 million a year earlier.

Aecon was expected to lose $9.6 million on $655.8 million of revenues, according to financial markets data firm Refinitiv.

The company said it continues to monitor the impact from COVID-19 after withdrawing its 2020 outlook on March 30, saying there is a slowing or suspension of work on some projects and on bidding even though most of its contracts have been deemed essential by governments.