Toronto-based Aecon turns $28-million profit in 2nd quarter as it inks significant new contracts – Toronto

Aecon Group Inc. says its second-quarter earnings reached $28.2 million in profit, marking a turnaround from the $6.4 million loss the construction firm saw for the period last year.

The Toronto-based company says it was awarded significant new contracts in the second quarter, including a $1 billion share of a contract for a fuel channel and feeder replacement project at the Bruce Nuclear Generating Station in Tiverton, Ont.

Aecon Group was also selected by Alberta Transportation to deliver the Deerfoot Trail Improvements project in Calgary under two contracts with an aggregate value of $615 million, for which construction began in the second quarter.

Aecon posted revenue of $1.17 billion for the period ended June 30, compared with $1.12 billion a year earlier.

It says its diluted earnings reached 38 cents per share, up from a 10 cent per share loss in the second quarter of 2022.

Four fixed-price legacy projects by joint ventures where Aecon is a partner registered an operating loss of $81.3 million in the quarter, compared with an operating loss of $28.2 million in the same period of 2022, with the latest loss blamed on additional costs from unforeseeable site conditions, third party delays, impacts of COVID-19, supply chain disruptions and inflation related to labour and materials.