Stantec delivers record third quarter results and all-time high backlog of $6.2 billion

Stantec, a global leader in sustainable design and engineering, has delivered record third quarter adjusted diluted EPS of $0.86 (CAD) driven by significant net revenue growth and solid project margin.

Net revenue of $1.2 billion in the third quarter was generated on the strength of 11.0% organic growth and 12.9% acquisition growth.

Consistent with the first half of 2022, every regional and business operating unit delivered organic net revenue growth in the third quarter.

Project margin in the third quarter was 54.1%. Backlog at the end of September 30, 2022 reached an all-time high of $6.2 billion, driven primarily by organic growth of 15.1% since December 31, 2021.

“Our performance in the quarter demonstrates the ongoing strong execution of our strategic plan, while our record backlog reflects the resiliency of our business despite broader economic headwinds,” said Gord Johnston, President and CEO. “As we look ahead to the remainder of the year and into 2023, we continue to see numerous growth opportunities that we are well positioned to capture, bolstering our confidence in our ability to deliver on our strategic plan.”

For nine months ended September 30, 2022, Stantec delivered adjusted diluted EPS of $2.30 (CAD), an increase of 24.3% over the same period last year. Net revenue increased to $3.3 billion, up 22.3% from $2.7 billion last year on the strength of 9.0% organic growth and 13.1% acquisition growth. Project margin was up 40 basis points at 54.0%.