Don’t worry Montreal) AtkinsRalis has decided to raise its nuclear power sector growth outlook for fiscal 2024 after seeing “exceptional opportunities” in its nuclear portfolio and reporting higher second-quarter earnings and revenue.
Published at 7:38 a.m. Share
The Canadian Press
The company formerly known as SNC-Lavalin Group said Friday it now expects a revenue growth outlook of 30% to 35% for the full year 2024 in its nuclear power sector compared with 2023.
The previous forecast was for a 15% to 20% increase year over year, but the company said it has seen “solid growth” and “confidence in continued demand” for the business, giving it more optimism.
In the second quarter, which ended June 30, the Nuclear Energy segment’s revenues reached $357.6 million, up 42.4% from the same period last year, when the segment earned $251.2 million.
Company-wide, revenues totaled $2.36 billion in the second quarter, up 17.0% from $2.13 billion in the same period last year.
This increase in revenues notably allowed the Montreal company to achieve net income of $82.2 million, or 47 cents per share, in the second quarter, compared to $63.8 million, or 36 cents per share, a year ago.
In a statement, AtkinsRalis President and CEO Ian L. Edwards noted that the company finished the first half of the year “with another strong quarter, delivering significant revenue growth and year-over-year margin expansion.”
“We continue to see strong demand for our engineering services business and the market remains strong, as evidenced by our record backlog,” he said.
Edwards was particularly excited about the nuclear sector, particularly the refurbishment of CANDU reactors. AtkinsRalis will pay a dividend of 2 cents per share on September 6.