Aecon reports second quarter 2014 results and backlog of $2.7 billion

About this update from Aecon Group Inc.

[{"type":"text","content":"\n\n\nTORONTO, Aug. 11, 2014 /CNW/ - Aecon Group Inc. (TSX: ARE) today\n reported results for the second quarter of 2014.\n\n\nTeri McKibbon, President and Chief Executive Officer, Aecon Group Inc.,\n said: \"With our backlog growing in Infrastructure and recovering in\n Mining, and our Energy segment consistently delivering strong results,\n we maintain a positive outlook and anticipate making progress during\n the second half of 2014 towards our Adjusted EBITDA margin target of 9\n per cent in 2015.\"\n\n\nMr. McKibbon added: \"As previously outlined, we anticipated results to\n be even stronger and more weighted to the second half of 2014 than is\n usually the case, and despite a softer second quarter in our Mining\n segment, our expectations for the second half remain positive. With the\n ramping up of substantial new projects - particularly in Infrastructure\n and Mining - the second half of 2014 has the potential to be the\n strongest half year that Aecon has ever achieved.\"\n\n\nHIGHLIGHTS\n\n\n\nRevenue was $590 million for the second quarter of 2014 compared to $698\n million for the same period of 2013, largely due to lower revenue in\n Mining (as a result of lower volume of site installation work following\n the substantial completion of a significant project in 2013, and lower\n demand for contract mining services largely driven by temporary client\n production shutdowns in the oil sands during the second quarter).\n\n\n\n\nAdjusted EBITDA for the second quarter of 2014 was $13.8 million\n compared to $36.7 million for the second quarter of 2013 driven by the\n slower quarter in the Mining segment. For the first half of 2014,\n Adjusted EBITDA was $16.9 million compared to $25.4 million in the\n prior year.\n\n\n\n\nBacklog increased to $2.690 billion at June 30, 2014 from $1.773 billion\n at the end of 2013. This level is just $87 million below Aecon's record\n high backlog.\n\n\n\n\nNew contract awards of $1.969 billion were booked in the first six\n months of 2014 compared to $1.052 billion in the same period of\n 2013. At the end of the second quarter of 2014 compared to the end of\n 2013, Infrastructure backlog increased to $1,486 million from $820\n million, Energy backlog rose to $937 million as compared to $876\n million, and Mining backlog grew to $267 million compared to $77\n million.\...

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