The following is a summary of the Aecon Group Inc. (AEGXF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Aecon's Q1 2024 revenue was $847 million, marking a decrease of 24% compared to the same period in 2023.
The company reported adjusted EBITDA of $33 million, reflecting an increased margin of 3.9% as compared to the previous year's 2.2%.
An operating loss of $4 million was reported for the quarter, following an operating profit of $6 million in the previous year.
Diluted loss per share improved to $0.10 in Q1 2024, down from a loss of $0.15 in Q1 2023.
Aecon's backlog increased from $6 billion in Q1 2023 to $6.3 billion at the end of Q1 2024.
Business Progress:
Aecon appointed Jerome Julier as its new Executive Vice President and Chief Financial Officer effective from April 8, 2024.
The company is pursuing growth opportunities in areas linked to decarbonization and the energy transition, both domestically and internationally.
Aecon released its fifth Sustainability report that highlights their progress toward a 30% reduction in direct CO2 emissions by 2030.
The company's strategic focus is on improving profitability and margin predictability, as opposed to aggressively growing revenue.
Aecon is actively looking at inorganic opportunities to expand its utilities business in partnership with Oaktree and is bidding for two airport projects.
More details: AECON GROUP INC IR
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