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Aecon beats expectations even as Q1 net loss widens and revenues rise

TORONTO — Aecon Group Inc. beat expectations even though its net loss widened in the first quarter as revenues increased 15 per cent.

The Toronto-based construction firm says it lost $11.4 million or 19 cents per diluted share for the period ended March 31. That compared with a loss of $9.8 million or 16 cents per share a year earlier.

Revenues increased to $747.5 million from $650.3 million while it maintained a near-record order backlog of $7 billion.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $19.2 million from $11.9 million a year earlier.

Aecon was expected to lose $9.6 million on $655.8 million of revenues, according to financial markets data firm Refinitiv.

The company said it continues to monitor the impact from COVID-19 after withdrawing its 2020 outlook on March 30, saying there is a slowing or suspension of work on some projects and on bidding even though most of its contracts have been deemed essential by governments.

This report by The Canadian Press was first published April 23, 2020.

Companies in this story: (TSX:ARE).

The Canadian Press

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