Business looks good for Stantec, SNC-Lavalin, AECOM
August 10, 2009
By Canadian Consulting Engineer
You wouldn't know North America is in an economic recession based on the financial results just reported by th...
You wouldn’t know North America is in an economic recession based on the financial results just reported by three large engineering companies operating in Canada.
SNC-Lavalin of Montreal announced its results on August 7 for the six months ending June 30. The company has increased its net income by 7.7% to $157.5 million compared to $146.3 million in the first six months of 2008. Its net income for the second quarter only (April-June) was $80 million compared to $75.4 million for the second quarter in 2008.
Total backlog for SNC-Lavalin’s revenue categories — services, packages, operations & maintenance, and infrastructure concession investments — totalled $9.9 billion at the end of June 2009, compared to $9.6 billion at the end of December 2008.
Stantec of Edmonton announced its results on August 6. Its net income over the first six months increased 10.3% to $43 million compared to $39 million for the same period last year. The company’s net income for the second quarter only (April to June) was up 0.9% to $22.3 million compared to $22.1 million for the same quarter last year.
Stantec’s press release said “the outlook through the rest of the year remains stable for Stantec.” Also: “Stantec believes that infrastructure spending approved by the US and Canadian federal governments in the first quarter of 2009 will assist in maintaining its backlog and replace some projects that have been curtailed due to difficult economic conditions.”
AECOM also reported financial results on August 6. The Los Angeles-based company that has acquired Earth Tech, UMA and other Canadian consulting engineering firms, announced its net income for the quarter ending June 30, 2009 was $50 million and had increased 30% compared to the same period last year. Revenues were 16% higher than the same period last year.