Aecon Group Inc. signage is displayed on a truck parked at a construction site in Toronto on Feb. 26, 2018. Aecon reported quarterly results on Thursday.Cole Burston/Bloomberg
Aecon Group Inc. beat expectations even though its net loss widened in the first quarter as revenues increased 15 per cent.
The Toronto-based construction firm says it lost $11.4-million or 19 cents a diluted share for the period ended March 31. That compared with a loss of $9.8-million or 16 cents a share a year earlier.
Revenues increased to $747.5-million from $650.3-million while it maintained a near-record order backlog of $7-billion.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $19.2-million from $11.9-million a year earlier.
Aecon was expected to lose $9.6-million on $655.8-million of revenues, according to financial markets data firm Refinitiv.
The company said it continues to monitor the impact from COVID-19 after withdrawing its 2020 outlook on March 30, saying there is a slowing or suspension of work on some projects and on bidding even though most of its contracts have been deemed essential by governments.
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