Aecon reports second quarter 2016 results including record backlog of $4.9 billion
August 9, 2016 by On-Site Magazine
Aecon Group Inc. has reported results for the second quarter of 2016, which included strong growth in both revenue and like for like Adjusted EBITDA.
“Aecon’s strong results for the second quarter of 2016 plus a new record backlog position of $4.9 billion, round out a solid first half of the year,” said Teri McKibbon, president and CEO, Aecon Group Inc.
- Revenue for the three and six months ended June 30, 2016 was higher by $172 million, or 26 per cent, and $361 million, or 31 per cent, respectively, compared to the same periods in 2015 with increases reported in each segment.
- Adjusted EBITDA of $29.4 million (margin of 3.5 per cent) for the second quarter of 2016 compared to an Adjusted EBITDA of $18.9 million (margin of 2.8 per cent) on a like for like basis, excluding Aecon’s previous ownership of IST and investment in the Quito airport concession in the prior year. For the first half of 2016, Adjusted EBITDA was $33.6 million (margin of 2.2 per cent), compared to $11.9 million (margin of 1.0 per cent) in the first half of the prior year on a like for like basis.
- New contract awards of $1.1 billion were booked in the second quarter of 2016, compared to $469 million in the second quarter of 2015, including previously disclosed energy contracts valued at $473 million. Also previously disclosed, and in addition to new awards booked into backlog, Aecon was awarded a four-year Master Service Agreement contract in the second quarter for pipeline facilities work in Western Canada.
- Record backlog as at June 30, 2016 of $4.9 billion is 89 per cent higher than backlog of $2.6 billion as at June 30, 2015.