Aecon Group reports strong financial results for 2023, with revenue of $4.6 billion and a backlog of $6.2 billion


By Mark Buckshon

Ontario Construction News staff writer

Aecon Group Inc. reported its financial results for the fourth quarter and year ended Dec. 31, 2023, revealing revenue of $4.6 billion, with a backlog of $6.2 billion.

“(The year) 2023 was a transformational year for Aecon — with our teams focused on safety and execution across all of our projects and driven by three significant transactions which allowed Aecon to capture unlocked value, partner with respected institutions with significant experience to help Aecon grow, and strengthen Aecon’s balance sheet and capital position,” Aecon Group president and CEO Jean-Louis Servranckx said in a statement.

“Demand for Aecon’s services across Canada continues to be strong, and we are strategically focused on embracing new opportunities to grow in the decarbonization and energy transition space, as well as U.S. and international markets,” Servranckx said.

The operating margin for the year ended December 31, 2023, was 5.2%, up from 2.1% in 2022. Adjusted EBITDA of $143.4 million was also up year-over-year, to 3.1%, with net profit of $161.9 million, or diluted earnings per share of $2.10, compared to net profit of $30.4 million, or diluted earnings per share of $0.47, in 2022.

The company also provided an update on its backlog, which stood at $6,157 million at December 31, 2023, compared to $6,296 million at December 31, 2022, with new contract awards of $4,505 million booked in 2023 compared to $4,795 million in 2022.

Aecon was also awarded a $290 million design-build contract by the Ontario government for the Eglinton Crosstown West Extension project’s Elevated Guideway in the GTA, and a $200 million contract by Dominion Energy for the replacement of Condensers and Feedwater Heaters at the North Anna Power Station in Mineral, Virginia.


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