Stantec, the engineering company, has experienced a significant boost in its shares following a stronger-than-expected third-quarter earnings report. This increase in earnings is largely attributed to continued robust demand, particularly in the U.S. and Canada.
In Toronto, the shares surged by 7.6% to reach C$93.84, bringing the year-to-date advance to an impressive 45%. On the New York Stock Exchange, the stock also saw a significant uptick of 7.5% to $67.77, resulting in a year-to-date gain of 33%.
Buoyed by this positive performance, Stantec has revised its revenue growth outlook for the full year. The company now anticipates a growth range of 12% to 14%, surpassing its previous forecast of 10% to 13% growth. Additionally, Stantec has adjusted its earnings per share expectations, projected to rise by 22% to 25%, taking into account the revaluation of its long-term incentive plan. This marks an improvement from the initial estimate of 12% to 15% growth.
Notably, net income for the third quarter skyrocketed to 103.9 million Canadian dollars ($75.3 million), or C$0.94 per share, up from C$68 million, or C$0.61 per share, during the same period in the previous year.
Considering adjusted figures, the earnings per share surged to C$1.14, significantly outperforming the consensus forecast of C$0.97 from analysts surveyed by FactSet.
Moreover, revenue for the quarter reached C$1.32 billion, a remarkable increase of 14% compared to the expected C$1.27 billion.
This exceptional financial performance indicates Stantec's strong position in the market and bodes well for the company's future growth prospects.
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