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| Aecon reports best quarter in its history Toronto-headquartered Aecon Group Inc. reported record third quarter results as revenues, margins and net income all increased over those reported a year earlier. Third quarter revenues reached a record $535 million, a 24% increase from last year, as increases in the Infrastructure, Industrial and Concessions segments offset a small decline in the Buildings segment. Gross margin (representing revenues less direct costs and expenses) increased to $68.7 million (or 12.8% of revenues) in the third quarter of 2008 from $42.7 million (or 9.9% of revenues) in the same quarter of 2007. EBITDA (representing income from operations before interest expense, income taxes, depreciation, amortization and non-controlling interests) grew to $44.4 million in the quarter, an increase of 67% over the $26.5 million recorded in the third quarter of 2007. Operating profit (representing income from operations before interest expense, income taxes and non-controlling interests) increased to $37.3 million from $20.3 million in the same quarter last year, an increase of 83%, as increases in the Infrastructure, Industrial and Concessions segments offset a decline in the Buildings segment. Earnings before taxes (representing income from operations before income taxes and non-controlling interests) reached $35.7 million in the quarter, more than doubling the $17.4 million earned in the same quarter of 2007. Net income in the quarter grew to a record $23.1 million ($0.45 per diluted share) from $19.0 million ($0.44 per diluted share) in the same quarter last year. Net income of $39.0 million in the first nine months of 2008 ($0.80 per diluted share) represents a 51% increase from the $25.8 million ($0.66 per diluted share) reported in the same period of 2007. write your comments about the article :: © 2008 Construction News :: home page |