Aecon Group loses $18.4-million in Q1 2021
Aecon Group Inc. has released results for the first quarter of 2021 with year-over-year increases in revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), and backlog of $5.9-billion as at March 31, 2021.
"Aecon's first quarter results illustrate consistent performance with steady growth in revenue and adjusted EBITDA," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "Over a year into the global pandemic, Aecon continues to harness the resiliency and agility embedded in our diverse business to successfully navigate a challenging operating environment. The overall outlook for 2021 remains positive as we safely and sustainably continue our drive to be the No. 1 Canadian infrastructure company."
Highlights
Revenue for the three months ended March 31, 2021, of $754-million was $7-million, or 1 per cent, higher compared with the same period in 2020.
Adjusted EBITDA of $20.8-million for the first quarter (margin of 2.8 per cent) improved by $1.6-million compared with adjusted EBITDA of $19.2-million (margin of 2.6 per cent) in the first quarter of 2020.
Operating loss of $10.2-million for the three months ended March 31, 2021, compared with an operating loss of $9.7-million in the same period in 2020.
Reported backlog as at March 31, 2021, of $5,913-million compares to backlog of $6,454-million as at Dec. 31, 2020.
On March 4, 2021, West End Connectors, a consortium comprising Aecon, Dragados Canada and Ghella, was identified by Infrastructure Ontario and Metrolinx as the first negotiations proponent to design, build and finance the Eglinton Crosstown West Extension Advance Tunnel project in Toronto. Financial close is expected in the second quarter of 2021, at which time the project will be added to Aecon's backlog.
The Gordie Howe International Bridge project was recognized by P3 Bulletin with a Gold Award for Environmental, Social, and Governance (ESG) Performance of the Year at the virtual P3 Awards 2020, honouring the best in public-private partnerships throughout the Americas.
Aecon's subsidiary Bermuda Skyport, operator of the L.F. Wade International Airport, received the 2021 DFNI Americas Award honouring the Airport in the Americas with the Most Supportive Approach to Retail, recognizing excellence in uncovering opportunities within the pandemic to support its retailers and demonstrate a culture committed to travel retail.
Subsequent to quarter-end:
Aecon proudly celebrated the completion of the Gardiner Expressway Rehabilitation, Section 1 project, in Toronto on April 11, 2021.
Aecon's second annual sustainability report -- Building Better Together -- was released on April 20, outlining Aecon's progress and key accomplishments in responsible ESG practices. The report includes a comprehensive greenhouse gas (GHG) inventory and sets Aecon's target to achieve a 30-per-cent reduction in direct CO2 (carbon dioxide) emissions by 2030 and net zero (direct and indirect emissions) by 2050.