Rock to Road

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Aecon reports positive first quarter results


May 8, 2014
By Rock to Road

May 7, 2014, Toronto, Ont. – Aecon Group Inc. reported a $3.1
million loss in the first quarter 2014, compared to a loss of $11.3 million in
the first quarter of 2013. The company also reported a backlog of $2.2 billion
at March 31, 2014, as compared to $1.8 billion at December 31, 2013.

May 7, 2014, Toronto, Ont. – Aecon Group Inc. reported a $3.1
million loss in the first quarter 2014, compared to a loss of $11.3 million in
the first quarter of 2013. The company also reported a backlog of $2.2 billion
at March 31, 2014, as compared to $1.8 billion at December 31, 2013.

 

The company reported exceptional growth in new contracts in
the first quarter of 2014, totaling $867 million compared to $212 million in
the first quarter of 2013.

 

“Our focus on execution is yielding results and Aecon’s
first quarter represents a solid start to the year. We anticipate that revenue,
and therefore profits, will be even more weighted to the second half of 2014
than is usually the case due to the ramp up of significant new projects
currently underway,” said John M. Beck, Chairman and Chief Executive Officer,
Aecon Group Inc.

 

Subsequent to quarter end, Aecon and its joint venture
partner announced that they were selected for the York Viva Bus Rapid Transit
project in Ontario, with an expected $130 million in revenue to Aecon’s
account.  Aecon was also awarded a $94
million contract for the reconstruction and widening of Second Concession Road
for York Region.