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    Home » AtkinsRealis Reports Higher Q3 Profit
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    AtkinsRealis Reports Higher Q3 Profit

    November 10, 20232 Mins Read
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    By Adriano Marchese

    Project management company AtkinsRealis, formerly known as SNC-Lavalin Group, announced a significant rise in profit for the third quarter. The company attributed this increase to a disposal and better-than-expected revenue.

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    In comparison to the same quarter last year, AtkinsRealis reported a doubling of net income, reaching 105 million Canadian dollars ($76 million), or C$0.60 per share. This is a considerable jump from C$44.7 million, or C$0.25 per share, in the previous year.

    The company’s positive financial performance was boosted by a net gain of C$46.2 million from the sale of its Scandinavian engineering services business.

    Adjusted earnings for the quarter stood at C$0.38 per share, meeting analyst expectations, according to FactSet.

    Furthermore, revenues surged to C$2.2 billion from C$1.89 billion, exceeding analyst predictions of only reaching C$2 billion.

    AtkinsRealis CEO Ian Edwards noted that the company’s engineering services and nuclear businesses—its largest segments—performed exceptionally well across its core geographies. Notably, these sectors experienced revenue growth of 29% and 23.4%, respectively.

    Meanwhile, revenue generated from AtkinsRealis’ lump-sum turnkey projects amounted to C$127.6 million, compared to C$216.9 million recorded last year. The company had decided to exit the contracting sector in 2019 due to the fixed-price LSTK model, which requires companies to cover any cost overruns.

    Looking ahead, Edwards expressed optimism about the near-term outlook, which provides confidence in achieving their updated 2023 goals.

    Adriano Marchese

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    AtkinsRealis engineering services Net Income Q3 profit revenues
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