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Stantec extends gains on better-than-expected Q3 profit, revenue

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Stantec Inc. (TSE:STN), a Canadian engineering and architecture consultant, rose to a new lifetime high after reporting third-quarter profit and revenue gains that surpassed analysts' estimates.

Stantec jumped 6.7 percent to C$62.05 at 1:35 p.m. in Toronto, extending this year's gains to 56 percent. Earlier, the shares touched a record high of C$62.75.

Net income in the three months ended Sept. 30 increased 34.6 percent to C$45.9 million, or 98 Canadian cents a share, from C$34.1 million, or 74 Canadian cents a share, in the year-earlier period, the Edmonton, Alberta-based company said in a statement today. That beat the 80 cents a share estimate of 12 analysts.

Revenue grew 21.3 percent to C$581.2 million, above the C$454 million estimate.

"We have had an excellent quarter, leading to what should be a very good year,” Chief Executive Officer Bob Gomes said in the statement. 

“Our focus on community, creativity, and client relationships has reinforced our strategy, resulting in positive performance for the company.”

The company declared a dividend of 16.5 Canadian cents a share, payable on Jan. 16, to shareholders of record on Dec. 31.

On Sept. 10, Stantec launched a new brand and visual identity "as part of its continuing evolution that spans nearly 60 years."

 

Quick facts: Stantec

Price: 42.11 CAD

TSX:STN
Market: TSX
Market Cap: $4.68 billion
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