Aecon Group posts loss of $6.1 million in first quarter, sales also lower
By The Canadian Press on April 24, 2024.
TORONTO – Aecon Group Inc. reported a loss of $6.1 million in its first quarter, compared with a loss of $9.4 million a year earlier. The Toronto-based company says revenue for the quarter ended March 31 totalled $846.6 million, down from $1.1 billion during the same quarter last year. Diluted loss per share was 10 cents, compared with 15 cents a year ago. President and CEO Jean-Louis Servranckx says the company is focused on achieving improved profitability and margin predictability. He says the company has a backlog of $6.3 billion and a strong bid pipeline. Aecon says it’s still dealing with negative impacts stemming from four large fixed-price legacy projects that are affecting its results. This report by The Canadian Press was first published April 24, 2024. Companies in this story: (TSX:ARE) 9-8
