April 25th, 2024

Aecon Group’s profit down in fourth quarter at $9.7 million, but up for full year

By The Canadian Press on March 5, 2024.

An Aecon construction site near the Gardiner Expressway is shown in Toronto on Friday, July 10, 2020. THE CANADIAN PRESS/Joe O'Connal

TORONTO – Aecon Group Inc. says it earned $9.7 million in the fourth quarter of 2023, down from $19.7 million a year earlier.

The Toronto-based company says revenue for the quarter ended Dec. 31 totalled $1.13 billion, down from $1.27 billion a year earlier.

Earnings per diluted share were 15 cents, down from 26 cents during the fourth quarter of 2022.

However, earnings for its full financial year rose to $161.9 million, compared with $30.4 million in 2022.

Aecon president and CEO Jean-Louis Servranckx says 2023 was a transformational year for the company.

He says the company is focused on embracing new growth opportunities in the decarbonization and energy transition space, as well as U.S. and international markets.

This report by The Canadian Press was first published March 5, 2024.

Companies in this story: (TSX:ARE)

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