Aecon Group Inc. (OTC:AEGXF)

Aecon Group Inc. (OOTC:AEGXF) (TSX:ARE) has acquired Ainsworth Power Construction, an electrical services and power systems business unit of Ainsworth, headquartered in Toronto, Ontario, from GDI Integrated Facility Services. APC’s management and operational teams are joining Aecon Utilities through the transaction, which is being financed through Aecon Utilities’ standalone committed revolving credit facility.

No financial details were provided.

Aecon Group Inc. (OOTC:AEGXF) (TSX:ARE) ($17.50; $1.04B market cap) announced Q3 2024 results:

• Sales of $1.27 billion vs $1.23 billion in the prior year
• Non-GAAP EPS of $0.86 vs $0.00 in the prior year and ahead of analyst estimates of $0.79

“With a backlog of $6.0 billion and strong demand for Aecon’s services, Aecon is well-positioned to achieve revenue growth commencing in 2025 and over the next few years,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “We continue to be focused on embracing opportunities linked to the energy transition and in select U.S. and international markets, while pursuing and delivering the majority of our work in established markets and under more collaborative project delivery models. We are also focused on making strategic investments in our operations to support access to new markets and increase operational effectiveness.”

“With backlog of $6.0 billion at the end of the third quarter of 2024, recurring revenue programs continuing to see solid demand, and a strong bid pipeline, Aecon believes it is positioned to achieve further revenue growth commencing in 2025 and over the next few years and is focused on achieving improved profitability and margin predictability.”

Aecon Group Inc is a Canada-based company that operates in two segments: Construction and Concessions. This stock is being added to the Infrastructure Screen this morning.