Shares in Aecon up more than 10% after Q3 results top expectations

TORONTO — Shares of Aecon Group Inc. were up more than 10 per cent after it reported a third-quarter profit that fell compared with a year ago, but topped expectations.

The company reported a third-quarter profit of $56.5 million or 85 cents per diluted share for the quarter ended Sept. 30, down from a profit of $133.4 million or $1.63 per diluted share a year earlier.

Revenue for the quarter totalled $1.28 billion, up from $1.24 billion in the same quarter last year.

On an adjusted basis, Aecon says it earned 86 cents per diluted share, down from an adjusted profit of $1.63 per share a year ago.

The average analyst estimate had been for a profit of 78 cents per share and $1.25 billion in revenue for the quarter, to according to LSEG Data & Analytics.

Aecon shares were up $3.16 or nearly 14 per cent at $26.35 in afternoon trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Nov. 1, 2024.

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The Canadian Press