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Aecon Outlook for 2021 Remains 'Positive' -- Commodity Comment

Aecon Group Inc. reported results Thursday for the second quarter with significant year-over-year increases in revenue, adjusted EBITDA, and earnings per share. The company also provided an outlook for 2021.



"Aecon's overall outlook for 2021 remains positive as construction continues on a number of projects that ramped up in 2019 and 2020, backed by the level of backlog and new awards achieved during the first half of 2021 and the strong demand environment for Aecon's services going forward, including recurring revenue programs."

During the second quarter, new awards resulted from strong demand for Aecon's services across Canada in smaller and medium-sized projects, it said, and also incorporated a number of multiyear projects in the nuclear, civil operations and urban transportation systems, and industrial sectors.

Aecon said it is also pre-qualified on a number of large project bids due to be awarded over the next 12 to 18 months.

Recurring revenue is expected to continue to grow in both the utilities sector, the company said, "based on the capital investment plans of a number of key clients, particularly in telecommunications and power-related work, and the Concessions segment as airport traffic in Bermuda continues its recovery from the impact of the COVID-19 pandemic."

The company expects "demand for its services will remain healthy for the foreseeable future as the federal government and provincial governments across Canada have identified investment in infrastructure as a key source of stimulus as part of economic recovery plans."


Write to Matt Walker at [email protected]


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