|Aecon Group Inc. - ARE.t is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. |
The company is an industry leader in some of the country's strongest growth sectors – transportation, resources, power, as well as social, manufacturing and urban infrastructure.
"Aecon Group Inc. (TSX: ARE) today reported results for the first quarter of 2016. "Aecon's first quarter results represent continued positive performance including increased revenue and Adjusted EBITDA in each of the Infrastructure, Energy, and Mining segments, and a new record backlog of $4.6 billion," said Teri McKibbon, President and Chief Executive Officer, Aecon Group Inc.
- Revenue of $691 million for the three months ended March 31, 2016 was higher by $189 million, or 38 per cent, compared to the same period in 2015 with increases reported in all segments.
- Adjusted EBITDA of $4.2 million (margin of 0.6 per cent) for the first quarter of 2016 compared to a negative Adjusted EBITDA of $7.1 million and a negative margin of 1.4 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.
- New contract awards of $2,038 million were booked in the first quarter of 2016 compared to $635 million in the first quarter of 2015, including the previously announced contract awarded to an Aecon JV for the execution phase of the Darlington Nuclear Generating Station Refurbishment project in Ontario. Aecon's $1.375 billion share marks the single largest contract award in Aecon's history.
- Record backlog as at March 31, 2016 of $4,608 million compares to backlog of $2,787 million as at March 31, 2015.
- Annual dividend increase of 15 per cent took effect with the first quarterly payment of 11.5 cents per share (increased from 10 cents per share) paid on April 1, 2016 to shareholders of record on March 22, 2016.