Stantec reports 2011 financial results

Stantec reported its financial results for the year 2011 last week. The company, one of Canada’s largest architecture and consulting engineering firms and a publicly traded company, said its operational results were “solid” for the year.

Gross revenue increased 11.3% compared to 2010 “as a result of acquisitions and organic growth,” said the Stantec press release. Gross revenue were $1,683 million this year compared to $1,513 million last year.

Net income increased 8.4% over the year to $102.7 million from $94.7 million last year, and diluted earnings per share increased 9.2% to $2.25 compared to $2.06 in 2010. These figures excluded the impact of a $90-million non-cash goodwill impairment in the fourth quarter. Reported net income for 2011 was $12.7 million and diluted earnings per share was $0.28.

The cash impairment (which is non-cash in nature) was allocated to the U.S. and international operations and was done partly because of ongoing challenging economic conditions in those sectors.

Bob Gomes, Stantec president and chief executive officer, said “Stantec continues to operate effective and grow consistently, despite a challenging business environment in 2011. The diversity and strength in our regions and practice areas allows us to continue to deliver solid operational results.”