Aecon Group Inc. (TSE: ARE)
Suite 800 20 Carison Court
Toronto, ON M9W 7K6
http://www.aecon.com/

Aecon Group Inc. is the largest publicly traded construction and infrastructure development company in Canada and has nearly 2,000 employees. The company has built some of Canada’s most famous landmarks, including the CN Tower and the St. Lawrence Seaway, and is responsible for the construction of scores of airports, roads, factories, power plants and more. The company had revenues of CAD$1.11 billion in 2006, virtually unchanged from $1.12 billion in 2005.  

Recent results have been impressive. Revenues for the second quarter were up 31% from CAD $259 million the year before, to CAD$338 million. For the six months ended June 30, 2007, revenues increased 26% to CAD$580 million, from $459 million in the year-ago period.

Net income for the latest quarter was CAD$9.7 million, or $0.24 per diluted share, a substantial improvement from a loss of CAD $1.0 million, or $0.03 per diluted share, in the quarter ended June 30, 2006.

On July 18 Aecon announced an alliance between Italian industrial equipment manufacturer, Macchi and Aecon’s recovery steam generator manufacturing subsidiary, IST. Macchi is a leading European and Middle Eastern supplier of fired industrial boilers for the oil/gas and petrochemical sectors. The arrangement gives Macchi a North American presence, while Aecon will be supported in meeting its European and Middle Eastern expansion goals.