Aecon stocks plunge as legacy projects drag down earnings, despite swing to profit - BNN Bloomberg

📆 28.07.2023 05:30:00
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Aecon Group Inc. says its second-quarter earnings reached $28.2 million in profit, marking a turnaround from the $6.4 million loss the construction firm saw for the period last year.

Aecon Group Inc. saw its stock value nosedive Thursday after quarterly earnings showed legacy construction projects continue to drag down earnings, despite a swing to profit.

The losses owed to factors ranging from supply chain snarls to inflation, third-party delays and"unforeseeable site conditions," according to Aecon. Despite those financial drains, the outfit's net income for the quarter ended June 30 emerged in the black, buoyed by the divestiture of a road-building business.

Aecon also boosted its backlog by 15 per cent with a $615-million deal linked to the Deerfoot Trail segment of Calgary's Highway 2 and a $1-billion share of a contract to refurbish four Candu nuclear reactors at Ontario's Bruce power plant.

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