logo-loader
viewAecon Group

Aecon slumps after Q4 profit drops by half

construction350_53206da001efa.jpg

Aecon Group Inc. (TSE:ARE), a construction company, slumped in morning trading after saying earnings tumbled by half in the fourth quarter as revenue declined.

Aecon fell 4.4 percent to C$16.01 at 9:54 a.m. in Toronto.

Net income crumbled to C$28.3 million, or 54 Canadian cents per basic share, in the three months ended Dec. 31, from C$56.3 million, or C$1.06 per basic share, in the year-earlier period, the Toronto, Ontario-based company said in a statement yesterday.

On an adjusted basis, earnings were 50 Canadian cents, below the average estimate of 58 cents a share.

Revenue skidded to C$906.2 million from C$932.1 million.

The construction company boosted its annual dividend by 12.5 percent to 36 Canadian cents per share from 32 Canadian cents per share.

Backlog was $1,773 million at Dec. 31, 2013 , compared to $2,428 million at the end of 2012.

Aecon said its outlook for the year is positive. It also announced its top-level succession plan, which will see Teri McKibbon, its president and operating chief, become president and chief executive in June. John M. Beck will become executive chairman.

 

 

Quick facts: Aecon Group

Price: 14.37 CAD

TSX:ARE
Market: TSX
Market Cap: $860.42 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

District Metals continues to unlock potential with more strong historical...

District Metals (CVE: DMX) CEO Garrett Ainsworth continues to unlock the mysteries of their project called TomTebo. Ainsworth telling Proactive’s Steve Darling they have released more historical results, this time from the Gårdsgruvans zone. Ainsworth said the results are telling them these...

8 hours, 32 minutes ago

2 min read