The following is a summary of the Aecon Group Inc. (AEGXF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Aecon's Q1 2024 revenue was $847 million, marking a decrease of 24% compared to the same period in 2023.

• The company reported adjusted EBITDA of $33 million, reflecting an increased margin of 3.9% as compared to the previous year's 2.2%.

• An operating loss of $4 million was reported for the quarter, following an operating profit of $6 million in the previous year.

• Diluted loss per share improved to $0.10 in Q1 2024, down from a loss of $0.15 in Q1 2023.

• Aecon's backlog increased from $6 billion in Q1 2023 to $6.3 billion at the end of Q1 2024.

Business Progress:

• Aecon appointed Jerome Julier as its new Executive Vice President and Chief Financial Officer effective from April 8, 2024.

• The company is pursuing growth opportunities in areas linked to decarbonization and the energy transition, both domestically and internationally.

• Aecon released its fifth Sustainability report that highlights their progress toward a 30% reduction in direct CO2 emissions by 2030.

• The company's strategic focus is on improving profitability and margin predictability, as opposed to aggressively growing revenue.

• Aecon is actively looking at inorganic opportunities to expand its utilities business in partnership with Oaktree and is bidding for two airport projects.

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