Despite the tough economy, Stantec has had " strong results for the full year of 2009."
The Edmonton-based consulting engineering company's gross revenue increased 12.4% to $1.52 billion, while net revenue was up 10.0% to $1.24 billion.
Net income was $90.9 million, up 10.9% compared to $82 million in 2008.
Diluted earnings per share increased 11.2% to $1.98 compared to $1.78 last year. This number excludes the impact of goodwill impairment charges the company recorded in the third quarter of the year. Including the impairment charges, full-year net income was $55.9 million compared to $29 million in 2008. Diluted earnings per share were $1.22 this year, compared to $0.63 in 2008.
Bob Gomes, president and chief executive officer of Stantec, noted: "... While being tested by one of the toughest economies in our 56-year history, we're pleased to report strong performance and solid results for the full year of 2009."
Gomes gave credit for the performance to "our employees throughout the organization, who are managing their projects effectively and working together to provide great service to our clients."
Gomes was particularly proud of the results for the last quarter of 2009. He pointed out that while gross revenue was down 7.2% compared to the same quarter in 2008, net income increased 14.5%.