Announces Normal Course Issuer Bid
TORONTO, Oct. 31, 2019 /CNW/ - Aecon Group Inc. (TSX: ARE)
today reported results for the third quarter of 2019, with
year-over-year growth in revenue, Adjusted EBITDA and operating
profit, and backlog at September 30,
2019 of $6.6 billion.
"Aecon's third quarter results continue to illustrate the
strength of our market position, strong year-to-date performance,
and the strategic significance of our backlog – diversified by
sector, geography and duration," said Jean-Louis Servranckx, President and Chief
Executive Officer, Aecon Group Inc. "This strong program of work
going forward, along with significant ongoing revenue from
recurring work under long-term agreements and concession
arrangements, supports revenue and Adjusted EBITDA growth in 2019
and in 2020."
HIGHLIGHTS
- Revenue for the three months ended September 30, 2019 of $1,025 million was $6
million, or 1 per cent, higher compared to the same period
in 2018. On a like-for-like basis, excluding the contract mining
business sold in November 2018,
growth in revenue was 7 per cent in the quarter.
- Adjusted EBITDA for the third quarter of 2019 of $91.1 million (margin of 8.9 per cent) improved
by $1.6 million compared to Adjusted
EBITDA of $89.5 million (margin of
8.8 per cent) for the third quarter of 2018 and compared to
Adjusted EBITDA of $82.2 million
(margin of 8.6 per cent) on a like-for-like basis in the prior
year.
- Operating profit of $58.8 million
for the three months ended September 30,
2019, improved by $2.6 million
compared to an operating profit of $56.2
million in the same period in 2018, and compared to an
operating profit of $57.2 million on
a like-for-like basis in the prior year.
- Aecon announced receipt of regulatory approval from the Toronto
Stock Exchange to make a normal course issuer bid ("NCIB")
commencing November 5, 2019. Under
the NCIB, Aecon will be able to purchase for cancellation up to a
maximum of 5,975,486 Common Shares on the open market, representing
approximately 10% of the public float as of October 24, 2019.
- Aecon is proud to be recognized recently with the following
notable industry awards:
-
- The Gordie Howe International Bridge ("GHIB") project was
recognized as Best Road/Bridge/Tunnel Project by P3 Bulletin Award.
Aecon is a member of Bridging North America, the private-sector
partner responsible to design, build, finance, operate and maintain
the GHIB project.
- France Canada Chamber of
Commerce Ontario Sustainability Award recognizing significant
environmental sustainability and protection efforts on Aecon
projects and in communities.
- Ontario General Contractors Association's Distinguished
Achievement in Health and Safety (Zero Injury Frequency).
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CONSOLIDATED
FINANCIAL HIGHLIGHTS(1)
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Three months
ended
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Nine months
ended
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$ millions (except
per share amounts)
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September
30
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September
30
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2019
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2018
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2019
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2018
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Revenue
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$
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1,025.4
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$
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1,019.7
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$
|
2,543.1
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$
|
2,317.8
|
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Gross
profit
|
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120.6
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125.1
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263.7
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251.5
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Marketing, general
and administrative
expenses
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(40.9)
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(43.1)
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(130.8)
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(134.2)
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Income from projects
accounted for using
the equity method
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4.3
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3.9
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9.0
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6.9
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Other income
(loss)
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1.6
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(0.3)
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3.5
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1.1
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Depreciation and
amortization
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(26.8)
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(29.5)
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(69.2)
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(78.6)
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Operating profit
(2)
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58.8
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56.2
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76.1
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46.8
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Financing expense,
net
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(5.6)
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(5.2)
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(14.7)
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(15.5)
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Profit before
income taxes
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53.2
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51.0
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61.5
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31.3
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Income tax
expense
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(11.1)
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(9.0)
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(8.8)
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(0.1)
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Profit
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$
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42.1
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$
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42.0
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$
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52.7
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$
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31.1
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Gross profit
margin
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11.8%
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12.3%
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10.4%
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10.9%
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MG&A as a
percent of revenue
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4.0%
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4.2%
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5.1%
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5.8%
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Adjusted
EBITDA(3)
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91.1
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89.5
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160.3
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134.6
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Adjusted EBITDA
margin
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8.9%
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8.8%
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6.3%
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5.8%
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Operating
margin
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5.7%
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5.5%
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3.0%
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2.0%
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Earnings per share
- basic
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$
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0.69
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$
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0.70
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$
|
0.87
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$
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0.52
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Earnings per share
- diluted
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$
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0.60
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$
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0.60
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$
|
0.81
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$
|
0.49
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Backlog
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$
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6,557
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$
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7,005
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(1)
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This press release
presents certain non-GAAP and additional GAAP (GAAP refers to
Canadian Generally Accepted Accounting Principles) financial
measures to assist readers in understanding the Company's
performance. Non-GAAP financial measures are measures that
either exclude or
include amounts that are not excluded or included in the most
directly comparable measures calculated and presented in accordance
with GAAP in
the consolidated financial statements. Further details on non-GAAP
and additional GAAP measures are included in the Company's
Management's
Discussion and Analysis and available through the System for
Electronic Document Analysis and Retrieval at
www.sedar.com.
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(2)
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"Operating profit"
represents the profit from operations, before net financing
expense, income taxes and non-controlling
interests.
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(3)
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"Adjusted EBITDA"
represents operating profit adjusted to exclude depreciation and
amortization, the gain (loss) on sales of assets and
investments, and net income from projects accounted for using the
equity method, but including "Equity Project EBITDA" from projects
accounted
for using the equity method.
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OPERATING AND FINANCIAL RESULTS
Revenue for the three months ended September 30, 2019 of $1,025 million was $6
million, or 1%, higher compared to the same period in 2018.
Revenue for the three months ended September
30, 2019 was higher in the Construction segment
($7 million), driven by higher
revenue in civil operations and urban transportation systems
($99 million) and nuclear operations
($32 million). This was partially
offset by lower revenue in utilities ($41
million) and conventional industrial operations
($83 million). The decline in
revenue in conventional industrial operations was primarily caused
by the sale of Aecon's contract mining business in November
2018. Lower revenue in the third quarter in the Concessions
segment ($9 million) was largely
offset by inter-segment revenue eliminations that decreased by
$8 million primarily due to revenue
between the Concessions and Construction segments related to the
Bermuda International Airport
Redevelopment Project.
Operating profit of $58.8 million
for the three months ended September 30,
2019, improved by $2.6 million
compared to an operating profit of $56.2
million in the same period in 2018 despite a decrease in
gross profit of $4.5 million.
In the Construction segment, the sale of the contract mining
business in November 2018 resulted in
a decrease in gross profit of $8.8
million in the current quarter compared to the same period
in 2018. In the balance of the Construction segment, gross
profit in the period increased by $4.2
million primarily from increased volume in civil operations
and urban transportation systems. In the Concessions segment,
gross profit decreased by $0.6
million, primarily due to lower revenue from operations
related to the Bermuda
International Airport Redevelopment Project.
Reported backlog as at September 30,
2019 of $6,557 million
compares to backlog of $7,005 million
a year earlier. New contract awards of $827 million and $2,279
million were booked in the third quarter and year-to-date in
2019, respectively, compared to $1,581
million and $5,075 million,
respectively, in the same periods in 2018.
REPORTING SEGMENTS
Aecon reports its financial performance on the basis of two
segments: Construction and Concessions.
CONSTRUCTION SEGMENT
The Construction segment includes all aspects of the
construction of both public and private infrastructure, primarily
in Canada, and on a selected
basis, internationally and focuses primarily on the following
market sectors:
- Civil Infrastructure;
- Urban Transportation Systems;
- Nuclear Power Infrastructure;
- Utility Infrastructure; and
- Conventional Industrial Infrastructure.
Financial
Highlights
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Three months
ended
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Nine months
ended
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$
millions
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September
30
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September
30
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2019
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2018
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2019
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2018
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Revenue
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$
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1,000.4
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$
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993.4
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$
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2,485.2
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$
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2,256.0
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Gross
profit
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$
|
103.1
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$
|
107.7
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$
|
222.1
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$
|
212.0
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Adjusted
EBITDA
|
$
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73.1
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$
|
76.5
|
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$
|
124.9
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$
|
114.4
|
|
Operating
profit
|
$
|
57.7
|
|
$
|
56.2
|
|
$
|
82.5
|
|
$
|
57.3
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|
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Gross profit
margin
|
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10.3%
|
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10.8%
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8.9%
|
|
|
9.4%
|
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Adjusted EBITDA
margin
|
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7.3%
|
|
|
7.7%
|
|
|
5.0%
|
|
|
5.1%
|
|
Operating
margin
|
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5.8%
|
|
|
5.7%
|
|
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3.3%
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2.5%
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Backlog
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$
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6,507
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$
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6,982
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Revenue in the Construction segment for the three months ended
September 30, 2019 of $1,000 million was $7 million, or 1%, higher
compared to the same period in 2018. Construction segment
revenue was higher in civil operations and urban transportation
systems by $99 million driven by
increases in both eastern and western Canada and from
transportation and major projects in both regions. Revenue
was also higher from nuclear operations by $32 million related to refurbishment work in
Ontario. These increases were partially offset by lower
volume in conventional industrial ($83
million) primarily due to a decrease of $65 million following the sale of the contract
mining business in November 2018, and
utilities operations ($41 million)
due to decreased activity on mainline pipeline projects in western
Canada in the quarter.
Operating profit in the Construction segment of $57.7 million in the three months ended
September 30, 2019 improved by
$1.5 million compared to an operating
profit of $56.2 million in the same
period in 2018, largely due to the operating profit improvement
resulting from the sale of the contract mining business in
November 2018 which contributed an
operating loss of $1.0 million in the
third quarter of 2018.
Construction backlog at September 30,
2019 was $6,507 million, which
is $475 million lower than the same
time last year. Backlog decreased period-over-period in civil
operations and urban transportation systems ($618 million) and in nuclear operations
($166 million), while backlog was
higher in utilities operations ($299
million) and conventional industrial ($10 million). New contract awards totalled
$798 million in the third quarter of
2019 and $2,208 million year-to-date,
compared to $1,566 million and
$5,033 million respectively, in the
same periods last year. The decrease in new awards in the
first nine months of 2019 is due mainly to large project awards for
the Site C Generating Station and Spillways Civil Works, the Réseau
express métropolitain Montreal Light Rail Transit ("LRT"), the
Finch West LRT, and the Gordie Howe International Bridge projects
that were awarded in the first nine months of 2018.
CONCESSIONS SEGMENT
Activities within the Concessions segment include the
development, financing, build and operation of construction
projects by way of public-private partnership contract structures,
as well as integrating the services of all project participants,
and harnessing the strengths and capabilities of Aecon. The
Concessions segment focuses primarily on providing the following
services:
- Development of domestic and international Public-Private
Partnership ("P3") projects;
- Private finance solutions;
- Developing effective strategic partnerships;
- Leading and/or actively participating in development teams;
and
- Operations and maintenance.
Financial
Highlights
|
|
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|
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|
|
|
|
|
|
|
|
|
|
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Three months
ended
|
|
|
Nine months
ended
|
|
$
millions
|
|
September
30
|
|
|
September
30
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
61.5
|
|
$
|
70.8
|
|
$
|
179.7
|
|
$
|
154.7
|
|
Gross
profit
|
$
|
17.6
|
|
$
|
18.2
|
|
$
|
41.6
|
|
$
|
40.2
|
|
Income from
projects accounted for
using the equity method
|
$
|
2.9
|
|
$
|
2.0
|
|
$
|
7.7
|
|
$
|
4.8
|
|
Adjusted
EBITDA
|
$
|
25.2
|
|
$
|
23.0
|
|
$
|
63.2
|
|
$
|
52.2
|
|
Operating
profit
|
$
|
9.6
|
|
$
|
10.0
|
|
$
|
22.4
|
|
$
|
21.4
|
|
Backlog
|
|
|
|
|
|
|
$
|
50
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
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Aecon holds a 100% interest in Bermuda Skyport Corporation Limited
("Skyport"), the concessionaire responsible for the Bermuda airport's operations, maintenance and
commercial functions, and the entity that will manage and
coordinate the overall delivery of the Bermuda International Airport Redevelopment
Project over a 30-year concession term. Aecon's participation
in Skyport is consolidated and, as such, is accounted for in the
consolidated financial statements by reflecting, line by line, the
assets, liabilities, revenue and expenses of Skyport.
However, Aecon's concession participation in the Eglinton Crosstown
LRT, Finch West LRT, Gordie Howe International Bridge, and Waterloo
LRT projects are joint ventures that are accounted for using the
equity method.
For the three months ended September 30,
2019, revenue in the Concessions segment of $62 million was lower by $9 million when compared to the same period in
2018. The lower revenue was primarily a result of the
Bermuda International Airport
Redevelopment Project and resulted from the impact of decreased
construction activity related to the new terminal at the
airport. Included in Concessions' revenue for the three-month
period ended September 30, 2019 was
$36 million of construction revenue
that was eliminated on consolidation as inter-segment revenue (2018
- $44 million).
Operating profit in the Concessions segment of $9.6 million for the three months ended
September 30, 2019 decreased by
$0.4 million compared to the same
period in 2018 due to an increase in MG&A related to pursuit
and bid costs.
Except for Operations and Maintenance ("O&M") activities
under contract for the next five years and that can be readily
quantified, Aecon does not include in its reported backlog expected
revenue from concession agreements. As such, while Aecon
expects future revenue from its concession assets, no concession
backlog, other than from such O&M activities for the next five
years, is reported.
NORMAL COURSE ISSUER BID
Aecon announced today receipt of regulatory approval from the
Toronto Stock Exchange with respect to its notice of intention to
make a normal course issuer bid commencing November 5, 2019. The NCIB will remain in effect
until the earlier of November 4, 2020
or the date on which Aecon has purchased the maximum number of
Common Shares permitted under the NCIB.
Under the NCIB, Aecon will be able to purchase for cancellation
up to a maximum of 5,975,486 Common Shares on the open market,
representing approximately 10% of the public float of 59,654,866
Common Shares, as at October 24,
2019. Aecon had a total of 60,761,555 outstanding Common
Shares as at October 24, 2019.
Purchases of Common Shares under the NCIB will be made in
accordance with TSX rules and policies through the facilities of
the TSX and through alternative trading systems. The price paid for
any repurchased Common Shares will be the market price of such
Common Shares at the time of acquisition. Daily purchases will be
limited to approximately 96,127 Common Shares, other than block
purchase exemptions, which represents 25% of Aecon's average daily
trading volume of 384,508 for the six months prior to October 1, 2019.
Aecon believes that the repurchase of Common Shares at certain
market prices is beneficial to Aecon and its shareholders. Aecon
intends to make any purchases on an opportunistic basis, taking
share price and other considerations into account.
Aecon also announced that it has entered into an issuer
automatic purchase plan agreement (the "Plan") in respect of the
NCIB with a designated broker (the "Broker"). The Broker will be
responsible for making purchases of Common Shares pursuant to the
Plan. Under the Plan, the Broker will have sole discretion to
purchase Common Shares pursuant to the NCIB during trading
black-out periods established under Aecon's Insider Trading Policy,
subject to the price limitations and other terms of the Plan and
the rules of the TSX. Aecon may instruct the Broker to make
specific purchases and suspend or terminate the Plan, provided in
each case that Aecon certifies to the Broker that it is not in
possession of any material undisclosed information and such request
is otherwise in compliance with the terms of the Plan.
To Aecon's knowledge, after reasonable inquiry, none of the
trustees, officers or other insiders of Aecon or any associate of
any such persons, or any associate or affiliate of Aecon currently
intends to sell Common Shares to Aecon during the NCIB. Aecon has
not repurchased any Common Shares in the last 12 months.
DIVIDEND
Aecon's fourth quarter dividend of 14.5
cents per common share will be paid on January 3rd, 2020 to shareholders of record on
December 24th, 2019.
OUTLOOK
"The overall outlook for 2019 remains solid as our current
strong backlog, robust pipeline of future opportunities, and
ongoing concessions are expected to lead to another year of
improved like-for-like results compared to 2018. Aecon expects to
have another strong year of results in 2020 as construction
continues on a number of previously awarded projects that have
ramped up during 2019," said Jean-Louis
Servranckx.
CONSOLIDATED RESULTS
The consolidated results for the three months ended September 30, 2019 and 2018 are available at the
end of this news release.
BALANCE
SHEET
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31
|
$
thousands (unaudited)
|
|
2019
|
|
2018
|
|
|
|
|
|
Cash and cash
equivalents and restricted
cash
|
$
|
571,054
|
$
|
824,345
|
Other current
assets
|
|
1,641,524
|
|
1,322,468
|
Property, plant and
equipment
|
|
343,469
|
|
266,199
|
Other long-term
assets
|
|
606,818
|
|
519,680
|
Total
Assets
|
$
|
3,162,865
|
$
|
2,932,692
|
|
|
|
|
|
Current portion of
long-term debt - recourse
|
$
|
62,694
|
$
|
32,505
|
Other current
liabilities
|
|
1,337,466
|
|
1,231,405
|
Long-term debt -
recourse
|
138,806
|
69,707
|
Long-term project
debt - non-recourse
|
373,013
|
383,746
|
Long-term portion of
convertible debentures
|
|
163,195
|
|
159,775
|
Other long-term
liabilities
|
|
235,123
|
|
230,492
|
|
|
|
|
|
Equity
|
|
852,568
|
|
825,062
|
Total Liabilities
and Equity
|
$
|
3,162,865
|
$
|
2,932,692
|
CONFERENCE CALL
A conference call and live webcast have been scheduled for
10 a.m. (Eastern Time) on Friday,
November 1, 2019. Participants should dial 647-689-5656
or 1-877-823-8624 at least 10 minutes prior to the
conference time. The reservation number is 3876826. An
accompanying presentation of the third quarter 2019 financial
results will be available after market close on October 31, 2019
at www.aecon.com/Investing.
A live webcast of the conference call will also be available
at www.aecon.com/InvestorCalendar. Participants should join
the webcast at least 15 minutes prior to the conference time to
register and install any necessary software.
For those unable to attend the call, a replay will be available
after 3 p.m. on November 1, 2019 at 1-800-585-8367 or
416-621-4642 until midnight on November 15,
2019. The reservation number is 3876826. A
replay of the webcast will also be available within 24 hours
following the call.
ABOUT AECON
As a Canadian leader in construction and infrastructure
development with global expertise, Aecon Group Inc. (TSX: ARE)
strives to be the number one Canadian infrastructure company. Aecon
safely, profitably and sustainably delivers integrated solutions to
private and public-sector clients through its Construction segment
in the Civil, Urban Transportation, Nuclear, Utility and
Conventional Industrial sectors, and provides project development,
financing, investment and management services through its
Concessions segment. Join our online community on Twitter,
LinkedIn, and Instagram @AeconGroup.
STATEMENT ON FORWARD-LOOKING INFORMATION
The information in this press release includes certain
forward-looking statements. These forward-looking statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. Forward-looking statements may include,
without limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, ongoing objectives, strategies and outlook for
Aecon. Forward-looking statements, may in some cases be
identified by words such as "will," "plans," "believes," "expects,"
"anticipates," "estimates," "projects," "intends," "should" or the
negative of these terms, or similar expressions. In addition to
events beyond Aecon's control, there are factors which could cause
actual or future results, performance or achievements to differ
materially from those expressed or inferred herein including, but
not limited to: the timing of projects, unanticipated costs and
expenses, the failure to recognize and adequately respond to
climate change concerns or public and governmental expectations on
climate matters, general market and industry conditions and
operational and reputational risks, including Large Project Risk
and Contractual Factors. Readers are referred to the specific
risk factors relating to and affecting Aecon's business and
operations as filed by Aecon pursuant to applicable securities
laws. Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and Aecon undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
|
|
|
For the three months
ended
|
For the nine months
ended
|
|
|
|
September
30
|
|
September
30
|
September
30
|
|
September
30
|
|
|
|
2019
|
|
2018
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,025,435
|
|
$
|
1,019,680
|
$
|
2,543,086
|
|
$
|
2,317,778
|
Direct costs and
expenses
|
|
|
|
(904,792)
|
|
|
(894,625)
|
|
(2,279,365)
|
|
|
(2,066,257)
|
Gross
profit
|
|
|
|
120,643
|
|
|
125,055
|
|
263,721
|
|
|
251,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general
and administrative expenses
|
|
|
(40,871)
|
|
|
(43,050)
|
|
(130,848)
|
|
|
(134,173)
|
Depreciation and
amortization
|
|
|
(26,828)
|
|
|
(29,450)
|
|
(69,181)
|
|
|
(78,582)
|
Income from projects
accounted for using the equity method
|
|
|
4,260
|
|
|
3,888
|
|
8,984
|
|
|
6,944
|
Other income
(loss)
|
|
|
1,565
|
|
|
(267)
|
|
3,463
|
|
|
1,075
|
Operating
profit
|
|
|
58,769
|
|
|
56,176
|
|
76,139
|
|
|
46,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
|
365
|
|
|
600
|
|
1,496
|
|
|
1,052
|
Finance
costs
|
|
|
(5,942)
|
|
|
(5,792)
|
|
(16,169)
|
|
|
(16,543)
|
Profit before
income taxes
|
|
|
53,192
|
|
|
50,984
|
|
61,466
|
|
|
31,294
|
Income tax
expense
|
|
|
(11,076)
|
|
|
(8,994)
|
|
(8,812)
|
|
|
(145)
|
Profit for the
period
|
|
$
|
42,116
|
|
$
|
41,990
|
$
|
52,654
|
|
$
|
31,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
|
$
|
0.69
|
|
$
|
0.70
|
$
|
0.87
|
|
$
|
0.52
|
Diluted earnings
per share
|
|
$
|
0.60
|
|
$
|
0.60
|
$
|
0.81
|
|
$
|
0.49
|
SOURCE Aecon Group Inc.