Stantec Shares Surge 13.5% Following Q3 Earnings Beat and Raised Guidance
Stantec (STN) saw its stock price jump 13.5% on Friday after reporting third-quarter financial results that significantly exceeded Wall Street expectations. The Canadian engineering and environmental consulting firm reported adjusted earnings of Cdn$1.89 per share on Cdn$1.9 billion in revenue, far surpassing analyst estimates of Cdn$1.27 per share and Cdn$1.3 billion in revenue respectively. The company's strong performance was bolstered by a 12% year-over-year increase in its contracted backlog, suggesting potential for accelerated future growth. Following the results, Stantec raised its full-year guidance, narrowing expected revenue growth to between 9% and 11% and increasing its adjusted earnings growth forecast to a range of 17% to 19%.
Tickers: $STN
Topics: backlog increase earnings beat revenue growth stock price surge