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Aecon releases first quarter numbers for 2013

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May 22, 2013 by STAFF REPORT

Aecon Group Inc. recently released its 2013 first quarter numbers by breaking down its overall financial performance into four segments: infrastructure, energy, mining and concessions.

Revenue increased by 17 per cent to $567 million as a result of growth in the utilities sector in the energy segment and in volume in the mining segment.

Operating losses were up 44 per cent to $31.1 million, however, Aecon said those numbers are typical in the first quarter due to the seasonal nature of Canada’s construction industry.

According to Aecon, a profit increase in the mining segment was more than offset by higher operating losses in the infrastructure and energy segments due to a one-time project provision. Excluding the provision, operating profit in the first quarter increased by $5.6 million.

Aecon shareholders received an increased dividend of $0.08 cents per share, up from $0.07 cents per quarter, with the first payment on April 1.

Aecon announced $375 million in awards for the second quarter, including $215 million for energy-related work in Western Canada ($125 million as part of a joint venture to engineer and construct an industrial facility and $90 million for the construction of a mill upgrade).

Aecon also announced $160 million in transportation-related awards, including $83 million to build the extension of the 407 Express Toll Route (ETR) to connect with the new Highway 407 East. Aecon will extend the 407 ETR three kilometres by building 11 major bridge structures and an interchange at Brock Road.

 “Our balanced and diversified portfolio will hold us in good stead through the course of 2013 and beyond,” said John Beck, chairman and chief executive officer of Aecon Group Inc., in a press release.

As of March 31, Aecon had a backlog of $2.1 billion of work compared to $2.4 billion at this time last year.

“Based on the quality of work in our current backlog, recent awards, ongoing growth in our recurring revenues, and substantial projects that we are currently bidding on in our core segments, we maintain our positive outlook and target of nine per cent EBITDA margin in 2015,” said Beck.

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