Enterprise Group Inc. (TSE:E) rose in morning trades after the provider of construction services swung to quarterly profit as revenue almost doubled in the second quarter on increasing demand.
Shares were up 1.1 percent at 89 cents at 9:38 a.m. in Toronto, extending this year's gain to 14 percent.
Net income was $0.3 million, or breakeven per share, in the April-to-June period, compared to a net loss of $1.5 million, or $0.02 loss per share, in the year-earlier period, the St. Albert, Alberta-based company said in a statement today. That matched analysts' expectations.
Quarterly revenue increased to $14.1 million, from $4.8 million year over year. That beat analyst' expectation of $11.9 million.
Enterprise said it remains on track to deploy $20.0 million of capital expenditures over the course of 2014, which will reflect in its operating results during the second half.
The company anticipates that it will have completed the substantial majority of its planned capital expenditures for 2014 by the conclusion of the third quarter.
"We were pleased by the consistent demand for our services, and by our ability to maintain our commitments to our workforce as we prepare for the second half of 2014," Chief Executive Officer Leonard Jaroszuk said in the statement.