Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Aecon Q1 loss narrow to $25.9M despite sharp drop in revenue to$461.9M

TORONTO - Aecon Group Inc. (TSX:ARE) says it reduced its net loss in the first quarter despite a sharp decline in revenue.

The Toronto-based provider of construction, contracting and infrastructure development services reported Wednesday that its net loss was $25.9 million or 49 cents per share, an improvement from a net loss of 29.9 million or 56 cents per share in the comparable year-earlier period.

Revenue in the three months ended March 31 fell sharply to $461.9 million from $567.4 million as a result of lower sales in its infrastructure and mining segments, the company said in a release issued after markets closed.

Aecon said its backlog was $2.18 billion at the end of the quarter compared with $2.07 billion at the end of March 2013, adding that new contract awards of $867 million were booked in the most recent period against with $212 million in the first quarter of 2013.

"Our focus on execution is yielding results . . . ," chairman and chief executive John Beck said in the earnings release. "We anticipate that revenue and therefore profits will be even more weighted to the second half of 2014 than is usually the case due to the ramp up of significant new projects currently underway."

Beck said that with the company's a strong backlog of higher-margin work "we maintain a positive outlook and anticipate making continued progress through 2014 to our adjusted EBITDA margin target of nine per cent in 2015."

On the Toronto Stock Exchange Aecon share closed down 10 cents at $18.50 on Wednesday.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates