Quarterly dividend increased to 16
cents per share from 14.5 cents per
share
TORONTO, March 3, 2020 /CNW/ - Aecon Group Inc. (TSX:
ARE) today reported results for the fourth quarter and full year
2019, concluding a year that saw revenue and Adjusted EBITDA reach
record levels while maintaining near-record backlog of $6.8 billion as at December 31, 2019. Aecon's Board of Directors
approved an increase to the quarterly dividend to 16 cents per
share from 14.5 cents per share
previously.
"Aecon's 2019 results demonstrate continued growth and margin
improvement across our diversified portfolio of projects," said
Jean-Louis Servranckx, President and
Chief Executive Officer, Aecon Group Inc. "Our financial success is
underpinned by our focus on strong execution and being the
preferred contractor for our clients across our key markets, as
well as the first-choice employer in our industry. This focus will
serve us well during this ongoing period of unprecedented demand
for infrastructure development across Canada."
HIGHLIGHTS
- Record annual revenue for the year ended December 31, 2019 of $3,460 million was $194
million, or 6 per cent, higher compared to 2018. On a
like-for-like basis, excluding the contract mining business sold in
November 2018, growth in revenue was
$403 million, or 13 per cent,
compared to 2018.
- Record annual Adjusted EBITDA of $221.9
million (margin of 6.4 per cent) improved by $14.9 million compared to Adjusted EBITDA of
$207.0 million (margin of 6.3 per
cent) in 2018. On a like-for-like basis, excluding contract mining
in 2018 and a one-time executive transition charge in 2019,
Adjusted EBITDA of $228.9 million
(margin of 6.6 per cent) in 2019 compared to Adjusted EBITDA of
$185.7 million (margin of 6.1 per
cent) in 2018.
- Operating profit of $107.3
million for the year ended December
31, 2019 increased by $17.9
million compared to operating profit of $89.4 million in 2018. On a like-for-like basis,
operating profit of $114.3 million in
2019 increased by $14.0 million
compared to $100.3 million in
2018.
- Reported backlog as at December 31,
2019 was $6.8 billion, in line
with record year-end backlog at the end of 2018.
- Quarterly dividend is increased to 16 cents per share from
14.5 cents per share previously, with
this being the eighth increase in the last nine years.
- Aecon was awarded three significant contracts in the fourth
quarter with an aggregate value of $690
million. Aecon's share of the three projects is valued at
$420 million:
-
- An Aecon 50/50 joint venture was awarded a contract by Trans
Mountain Corporation to execute pipeline construction on Spread 1
of the Trans Mountain Expansion Project in Alberta.
- A joint venture in which Aecon holds a 35 per cent interest was
awarded a contract by the British Columbia Ministry of
Transportation and Infrastructure for the Highway 91/17 Upgrade
Project.
- Aecon was awarded a contract by NOVA Chemicals for the Area
100/200 Mechanical and Piping Installation Project in Ontario.
- Subsequent to quarter-end:
-
- On January 10, 2020, Aecon
announced that John M. Beck has
transitioned from the role of Executive Chairman to non-executive
Chairman. Jean-Louis Servranckx,
President and Chief Executive Officer assumed full executive
responsibility.
- On February 3, 2020, Aecon
announced that it has acquired Voltage Power, an electrical
transmission and substation contractor headquartered in
Winnipeg, Manitoba for a base
purchase price of $30 million. The
acquisition brings key medium to high-voltage power transmission
and distribution capabilities to Aecon.
- On February 10, 2020, Fraser
Crossing Partners, a 50/50 joint venture between Aecon and Acciona
reached financial close on the Pattullo Bridge Replacement Project
in British Columbia. The total
contract is valued at $967.5 million.
Aecon's share of the contract value will be added to its
Construction segment backlog in the first quarter of 2020.
CONSOLIDATED
FINANCIAL HIGHLIGHTS(1)
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Three months
ended
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Year
ended
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$ millions (except
per share amounts)
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December
31
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December
31
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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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917.3
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$
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948.5
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$
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3,460.4
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$
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3,266.3
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Gross
profit
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103.9
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105.6
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367.6
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357.1
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Marketing, general
and administrative
expense
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(52.6)
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(44.3)
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(183.4)
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(178.5)
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Income from projects
accounted for using
the equity method
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3.5
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6.2
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12.5
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13.2
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Other
income
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1.3
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0.4
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4.7
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1.5
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Depreciation and
amortization
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(24.9)
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(25.3)
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(94.1)
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(103.8)
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Operating
profit(2)
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31.1
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42.6
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107.3
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89.4
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Financing expense,
net
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(5.8)
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(6.9)
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(20.5)
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(22.4)
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Profit before
income taxes
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25.3
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35.7
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86.8
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67.0
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Income tax
expense
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(5.1)
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(7.9)
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(13.9)
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(8.0)
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Profit
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$
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20.2
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$
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27.9
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$
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72.9
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$
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59.0
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Gross profit
margin
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11.3%
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11.1%
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10.6%
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|
10.9%
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MG&A as a
percent of revenue
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5.7%
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4.7%
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5.3%
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5.5%
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Adjusted
EBITDA(3)
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61.7
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72.4
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221.9
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207.0
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Adjusted EBITDA
margin
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6.7%
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7.6%
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6.4%
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6.3%
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Operating
margin
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3.4%
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4.5%
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3.1%
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2.7%
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Earnings per share
- basic
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$
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0.33
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$
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0.46
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$
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1.20
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$
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0.99
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Earnings per share
- diluted
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$
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0.31
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$
|
0.41
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$
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1.12
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$
|
0.94
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Backlog
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$
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6,790
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$
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6,821
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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
(loss)" represents the profit (loss) 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 (loss) adjusted to exclude depreciation
and amortization, the gain (loss) on sales of assets and
investments, and net income (loss) 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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The sale of Aecon's contract mining business in November 2018 and the one-time charge related to
executive transition impacted Aecon's operating results for 2019
when compared to 2018. A summary of these impacts is included
below:
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$
millions
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Three months
ended
December 31
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Twelve months
ended
December 31
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2019
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2018
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Change
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2019
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2018
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Change
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Revenue as
reported
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$
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917.3
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948.5
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(31.2)
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3,460.4
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3,266.3
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194.1
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Exclude: Contract
Mining revenue
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-
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41.1
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(41.1)
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-
|
208.5
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(208.5)
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Revenue excluding
Contract Mining
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$
|
917.3
|
907.4
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9.9
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3,460.4
|
3,057.8
|
402.6
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|
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Adjusted EBITDA as
reported
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$
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61.7
|
72.4
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(10.7)
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221.9
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207.0
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14.9
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Exclude: Contract
Mining Adjusted EBITDA
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-
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5.0
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(5.0)
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-
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21.3
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(21.3)
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Exclude: One-time
executive transition charge
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(7.0)
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-
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(7.0)
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(7.0)
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-
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(7.0)
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Adjusted EBITDA
excluding Contract Mining and
one-time executive transition charge
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$
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68.7
|
67.4
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1.3
|
228.9
|
185.7
|
43.2
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Operating profit as
reported
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$
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31.1
|
42.6
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(11.5)
|
107.3
|
89.4
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17.9
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Exclude: Contract
Mining operating loss
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-
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(3.0)
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3.0
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-
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(10.9)
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10.9
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Exclude: One-time
executive transition charge
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(7.0)
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-
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(7.0)
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(7.0)
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-
|
(7.0)
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|
Operating profit
excluding Contract Mining and
one-time executive transition charge
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$
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38.1
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45.6
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(7.5)
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114.3
|
100.3
|
14.0
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Adjusted EBITDA
margin as reported
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6.7%
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7.6%
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(0.9)%
|
6.4%
|
6.3%
|
0.1%
|
|
Adjusted EBITDA
margin excluding Contract Mining and
one-time executive transition charge
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|
7.5%
|
7.4%
|
0.1%
|
6.6%
|
6.1%
|
0.5%
|
|
|
|
|
|
|
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|
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Operating profit
margin as reported
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3.4%
|
4.5%
|
(1.1)%
|
3.1%
|
2.7%
|
0.4%
|
|
Operating profit
margin excluding Contract Mining and
one-time executive transition charge
|
|
4.2%
|
5.0%
|
(0.8)%
|
3.3%
|
3.3%
|
- %
|
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|
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|
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OPERATING AND FINANCIAL RESULTS
Revenue for the year ended December 31,
2019 of $3,460 million was
$194 million, or 6%, higher compared
to 2018. This revenue increase occurred in the Construction segment
($206 million) driven by higher
revenue in civil operations and urban transportation systems
($426 million) and nuclear operations
($144 million). These increases were
partially offset by lower revenue in utilities ($110 million) and conventional industrial
operations ($254 million). The
decline in revenue in conventional industrial operations was
primarily caused by the sale of Aecon's contract mining business in
November 2018. Revenue was lower in
the Concessions segment ($5 million)
and inter-segment revenue eliminations increased by $7 million primarily due to revenue between the
Concessions and Construction segments related to the Bermuda International Airport Redevelopment
Project.
Operating profit of $107.3 million
for the year ended December 31, 2019
increased by $17.9 million compared
to operating profit of $89.4 million
in 2018. The largest driver of this increase was higher gross
profit of $10.5 million. In the
Construction segment, gross profit was negatively impacted
year-over-year by the sale of contract mining in November 2018 which reported gross profit of
$27.3 million in 2018. In the balance
of the Construction segment, gross profit increased by $41.7 million primarily from increased volume and
gross profit margin in civil operations and urban transportation
systems. In the Concessions segment, gross profit decreased by
$4.9 million, primarily due to lower
management and development fees for Canadian concessions compared
to 2018.
Marketing, general and administrative expense ("MG&A")
increased in 2019 by $4.9 million
compared to 2018. This increase was the result of a charge of
$7.0 million recorded in the fourth
quarter of 2019 in connection with the transition of John M. Beck from Executive Chairman to the role
of non-executive Chairman. Partially offsetting this increase was
the impact of expenses incurred in 2018 as a result of the
subsequently discontinued sale process and proposed arrangement
with CCCC International Holdings Limited ($4.1 million). MG&A as a percentage of
revenue decreased from 5.5% in 2018 to 5.3% in 2019, which reflects
the impact of higher revenue in 2019.
Reported backlog as at December 31,
2019 of $6,790 million
compares to backlog of $6,821 million
as at December 31, 2018. New contract
awards of $3,429 million were booked
in 2019 compared to $5,840 million 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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|
|
|
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|
|
Three months
ended
|
|
|
Year
ended
|
|
|
$
millions
|
|
December
31
|
|
|
December
31
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Revenue
|
$
|
901.6
|
|
$
|
924.8
|
|
$
|
3,386.8
|
|
$
|
3,180.9
|
|
|
Gross
profit
|
$
|
92.7
|
|
$
|
88.5
|
|
$
|
314.8
|
|
$
|
300.4
|
|
|
Adjusted
EBITDA
|
$
|
60.5
|
|
$
|
53.9
|
|
$
|
185.4
|
|
$
|
168.3
|
|
|
Operating
profit
|
$
|
43.5
|
|
$
|
35.6
|
|
$
|
126.0
|
|
$
|
93.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
margin
|
|
10.3%
|
|
|
9.6%
|
|
|
9.3%
|
|
|
9.4%
|
|
|
Adjusted EBITDA
margin
|
|
6.7%
|
|
|
5.8%
|
|
|
5.5%
|
|
|
5.3%
|
|
|
Operating
margin
|
|
4.8%
|
|
|
3.9%
|
|
|
3.7%
|
|
|
2.9%
|
|
|
Backlog
|
|
|
|
|
|
|
$
|
6,735
|
|
$
|
6,784
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
For the year ended December 31,
2019, revenue in the Construction segment of $3,387 million was $206
million, or 6%, higher than in 2018. Construction segment
revenue was higher in civil operations and urban transportation
systems by $426 million driven by
increases in major projects and transportation operations in both
eastern and western Canada.
Revenue was also higher from nuclear operations by $144 million related to refurbishment work in
Ontario. These increases were
partially offset by lower volume in conventional industrial
($254 million) primarily due to a
decrease of $209 million following
the sale of the contract mining business in November 2018, and utilities operations
($110 million) due to decreased
activity on mainline pipeline projects in western Canada.
Operating profit in the Construction segment of $126.0 million in 2019 increased by $33.0 million compared to 2018. Part of the
operating profit improvement was due to the sale of contract mining
in November 2018, as that business
contributed an operating loss of $10.9
million in 2018. An improvement in operating profit from the
balance of the Construction segment of $22.1
million in 2019 was primarily due to a combination of higher
revenue and improved gross profit margin from civil operations and
urban transportation systems.
Construction backlog as at December
31, 2019 was $6,735
million, which was $49 million
lower than the same time last year. Backlog decreased
year-over-year in civil operations and urban transportation systems
($759 million), while backlog was
higher in nuclear operations ($197
million), utilities operations ($388
million) and conventional industrial ($125 million). New contract awards in
2019 totalled $3,337 million
compared to $5,777 million in 2018.
The decrease in new awards in 2019 is due mainly to the number
of large project awards in 2018, primarily 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 project.
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
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
$
millions
|
December
31
|
|
December
31
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
38.5
|
|
$
|
68.6
|
|
$
|
218.2
|
|
$
|
223.4
|
Gross
profit
|
$
|
11.3
|
|
$
|
17.5
|
|
$
|
52.8
|
|
$
|
57.7
|
Income from
projects accounted for
using the equity method
|
$
|
3.1
|
|
$
|
5.3
|
|
$
|
10.8
|
|
$
|
10.1
|
Adjusted
EBITDA
|
$
|
19.8
|
|
$
|
27.5
|
|
$
|
83.0
|
|
$
|
79.7
|
Operating
profit
|
$
|
6.8
|
|
$
|
16.6
|
|
$
|
29.2
|
|
$
|
38.0
|
Backlog
|
|
|
|
|
|
|
$
|
55
|
|
|
37
|
|
|
|
|
|
|
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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 year ended December 31,
2019, revenue in the Concessions segment of
$218 million was $5 million
lower than in 2018, driven by lower management and development fees
recognized in 2019 compared to 2018 ($6
million). Development fees received in 2018 were higher due
to the commencement of the Finch West LRT and Gordie Howe
International Bridge concessions in 2018. Partially offsetting this
decrease was higher revenue from the Bermuda International Airport Redevelopment
Project ($1 million). Included in
Concessions' revenue for 2019 was $136
million of construction revenue that was eliminated on
consolidation as inter-segment revenue (compared to $134 million in 2018).
Operating profit of $29.2 million
for the year ended December 31, 2019,
decreased by $8.8 million
compared to 2018 primarily due to the above noted lower
management and development fees for Canadian concessions. In
addition, operating profit related to the Bermuda International Airport Redevelopment
Project was lower due to higher amortization expense in 2019.
Except for "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.
DIVIDEND
Aecon's Board of Directors approved an increase to the quarterly
dividend to 16 cents per share from 14.5 cents per share
previously. The first increased dividend will be paid on
April 2, 2020 to shareholders of
record on March 23, 2020.
OUTLOOK
The overall outlook for 2020 remains strong as Aecon's current
backlog and recurring revenue contracts, robust pipeline of future
opportunities, and ongoing concessions are expected to lead to
another year of revenue and Adjusted EBITDA growth in
2020.
CONSOLIDATED RESULTS
The consolidated results for the three months ended December 31, 2019 and 2018 are available at the
end of this news release.
BALANCE SHEET
|
|
December
31
|
|
December
31
|
$ thousands
(unaudited)
|
|
2019
|
|
2018
|
|
|
|
|
|
Cash and cash
equivalents and restricted
cash
|
$
|
758,859
|
$
|
824,345
|
Other current
assets
|
|
1,370,545
|
|
1,322,468
|
Property, plant and
equipment
|
|
351,404
|
|
266,199
|
Other long-term
assets
|
|
633,830
|
|
519,680
|
Total
Assets
|
$
|
3,114,638
|
$
|
2,932,692
|
|
|
|
|
|
Current portion of
long-term debt - recourse
|
$
|
60,071
|
$
|
32,505
|
Other current
liabilities
|
|
1,297,772
|
|
1,231,405
|
Long-term debt -
recourse
|
145,682
|
69,707
|
Long-term project
debt - non-recourse
|
365,894
|
383,746
|
Long-term portion of
convertible debentures
|
|
164,351
|
|
159,775
|
Other long-term
liabilities
|
|
222,872
|
|
230,492
|
|
|
|
|
|
Equity
|
|
857,996
|
|
825,062
|
Total Liabilities
and Equity
|
$
|
3,114,638
|
$
|
2,932,692
|
CONFERENCE CALL
A conference call and live webcast has been scheduled for
10 a.m. (Eastern Time) on Wednesday,
March 4, 2020. Participants should dial 647-689-5656
or 1-877-823-8624 at least 10 minutes prior to the
conference time. The reservation number is 8869207. An
accompanying presentation of the fourth quarter and year-end 2019
financial results will be available after market close on
March 3, 2020
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 March 4,
2020 at 1-800-585-8367 or 416-621-4642 until midnight on
March 18, 2020. A replay of the
webcast will also be available within 24 hours following the
call.
AECON 2020 ANNUAL GENERAL MEETING
Aecon's Annual General Meeting will be held on June 2, 2020 in Toronto, Ontario. Additional details will be
set out in the Notice of Meeting and Record Date to be filed on
SEDAR.
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, Facebook 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 MONTHS AND YEARS ENDED DECEMBER 31, 2019 AND 2018
(in thousands of Canadian dollars, except per share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended
|
For the year
ended
|
|
December
31
|
|
December
31
|
December
31
|
|
December31
|
|
2019
|
|
2018
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
917,332
|
|
$
|
948,514
|
$
|
3,460,418
|
|
$
|
3,266,291
|
Direct costs and
expenses
|
|
(813,448)
|
|
|
(842,914)
|
|
(3,092,814)
|
|
|
(2,909,171)
|
Gross
profit
|
|
103,884
|
|
|
105,600
|
|
367,604
|
|
|
357,120
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, general
and administrative
expense
|
|
(52,585)
|
|
|
(44,348)
|
|
(183,434)
|
|
|
(178,522)
|
Depreciation and
amortization
|
|
(24,946)
|
|
|
(25,250)
|
|
(94,127)
|
|
|
(103,832)
|
Income from projects
accounted for
using the equity method
|
|
3,507
|
|
|
6,207
|
|
12,491
|
|
|
13,150
|
Other
income
|
|
1,274
|
|
|
430
|
|
4,737
|
|
|
1,506
|
Operating
profit
|
|
31,134
|
|
|
42,639
|
|
107,271
|
|
|
89,422
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
564
|
|
|
204
|
|
2,060
|
|
|
1,256
|
Finance
costs
|
|
(6,388)
|
|
|
(7,110)
|
|
(22,557)
|
|
|
(23,651)
|
Profit before
income taxes
|
|
25,310
|
|
|
35,733
|
|
86,774
|
|
|
67,027
|
Income tax
expense
|
|
(5,110)
|
|
|
(7,868)
|
|
(13,921)
|
|
|
(8,013)
|
Profit for the
period
|
$
|
20,200
|
|
$
|
27,865
|
$
|
72,853
|
|
$
|
59,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.33
|
|
$
|
0.46
|
$
|
1.20
|
|
$
|
0.99
|
Diluted earnings
per share
|
$
|
0.31
|
|
$
|
0.41
|
$
|
1.12
|
|
$
|
0.94
|
SOURCE Aecon Group Inc.