May 26th, 2024

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)

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