Aecon Group Reports 14% Third Quarter Revenue Growth

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TORONTO — Aecon Group Inc. says its revenue rose year over year, while its profit fell slightly in the third quarter of 2022.

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The Toronto-based construction company reported earnings of $34.5 million for the three months ended Sept. 30, or diluted earnings per share of 45 cents, compared with $38.4 million in the same period in 2021, before adjusting for the impact of the Canadian emergency wage. Grant program in 2021.

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The company posted revenue of $1.32 billion, up from $1.16 billion in the same period last year.

New contracts worth $991 million were recorded in the third quarter of 2022, compared to $682 million for the same period in 2021.

In a press release, Aecon Group Chief Executive Jean-Louis Servranckx said the company continues to see strong demand for its services across Canada.

Revenues from the construction sector increased 14% year-over-year, while revenues from civil, utilities and nuclear businesses also increased.

This report from The Canadian Press was first published on October 26, 2022.

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