Aecon hits record revenues

Aecon Group Inc. says it notched record annual revenues in 2018, allowing it to raise its quarterly dividend by two cents per share to 14.5 cents.

The engineering firm logged a 16 per cent year-over-year increase in revenues to $3.27 billion last year, up from $2.81 billion in 2017. For the quarter ended Dec. 31, it says revenues rose 38 per cent to $948.5 million compared with the same period in 2017.

The Toronto-based company says net profits jumped 32 per cent to $27.9 million last quarter, from $21.1 million with a year earlier.

That equalled 41 cents per diluted share, up from 33 cents per share in the previous year’s quarter.

Aecon says it booked new contracts worth $5.8 billion in 2018, a record and a substantial increase from the $2.8 billion in contracts recorded in 2017.

Analyst Derek Spronck of RBC Dominion Securities says the firm benefited from new projects and milder winter weather last quarter.

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