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Aecon raising dividend after record 2019 revenues despite weaker fourth quarter

TORONTO — Aecon Group Inc. is raising its quarterly dividend 10 per cent after reporting record revenues last year but weaker fourth-quarter results. The Toronto-based construction firm will pay 16 cents per share on April 2, up from 14.

TORONTO — Aecon Group Inc. is raising its quarterly dividend 10 per cent after reporting record revenues last year but weaker fourth-quarter results.

The Toronto-based construction firm will pay 16 cents per share on April 2, up from 14.5 per cent previously.

Aecon says it earned $20.2 million or 31 cents per diluted share for the three months ended Dec. 31, compared with $27.9 million or 41 cents per share a year earlier.

Revenues decreased 3.3 per cent to $917.3 million.

The company was expected earn 32 cents per share on $934.6 million in revenues, according to financial markets data firm Refinitiv.

For the full year, it earned $72.9 million or $1.12 per diluted share on a record $3.46 billion in revenues. That's up from $59 million or 94 cents per share on $3.27 billion in 2018. Analysts expected $1.14 per share in earnings on $3.49 billion of revenues.

Excluding the contract mining business sold in November 2018, revenues grew 13 per cent instead of six posted Tuesday.

This report by The Canadian Press was first published March 3, 2020.

Companies in this story: (TSX:ARE).

The Canadian Press