Welcome to our dedicated page for Stantec news (Ticker: STN), a resource for investors and traders seeking the latest updates and insights on Stantec stock.
Stantec, Inc. (NYSE: STN) is a global leader in sustainable engineering, architecture, and environmental consulting. With over 15,000 specialists in more than 250 locations, Stantec operates across three major regions: Canada, the United States, and globally. The company offers comprehensive services throughout the project lifecycle, including planning, engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics.
Founded in 1954, Stantec has built a reputation for its local strength, deep industry knowledge, and world-class expertise. The company's commitment to community-centric design drives its projects, which range from buildings and infrastructure to energy and resource developments. Stantec's interdisciplinary approach allows it to deliver innovative solutions that enhance the quality of life in the communities it serves.
Recent achievements underscore Stantec's industry leadership. In 2023, the company reported record financial results, with net revenue increasing to $5.1 billion, driven by significant organic and acquisition growth. Stantec's acquisition of Morrison Hershfield, a renowned engineering and management firm, is set to bolster its market presence and expand capabilities in transportation, building engineering, and environmental services across Canada and the US.
Stantec is also at the forefront of the energy transition, providing integrated design services for Agratas' battery cell manufacturing facility in the UK, a pivotal project supporting the region's green energy goals and job creation. The company's focus on sustainable, high-performance design extends to various sectors, including advanced manufacturing, transit facilities, and industrial buildings.
Financially, Stantec continues to thrive, with strong operational performance reflected in its 2024 outlook. The company anticipates net revenue growth between 11% and 15%, driven by robust market demand and strategic acquisitions. Stantec's dedication to operational excellence ensures it remains well-positioned to address global challenges and deliver value to clients and stakeholders.
For the latest updates and news on Stantec's performance, projects, and events, visit the company's website or follow its social media channels. Stantec trades on the TSX and the NYSE under the symbol STN.
Stantec has been awarded a contract by FEMA as part of the STARR II Joint Venture to deliver engineering and technical services for the National Flood Insurance Program. This five-year contract is valued at up to US$300 million and will support the Risk Mapping, Assessment, and Planning (Risk MAP) program across 12 states and territories. Stantec's ongoing collaboration with FEMA aims to enhance community resilience against flood risks and climate challenges by providing essential flood data and mitigation strategies.
Stantec Inc. (TSX, NYSE: STN) has received approval from the Toronto Stock Exchange for the renewal of its Normal Course Issuer Bid (NCIB). The company can buy back up to 5,559,312 common shares, representing approximately 5% of its issued shares. This buyback will commence on November 16, 2021, and end by November 15, 2022. The previous NCIB resulted in the purchase of 1,701,129 shares at an average price of $47.34. Stantec aims to enhance shareholder returns through strategic share repurchases, which align with its focus on maintaining balance sheet strength and investing in growth.
Stantec reported robust Q3 2021 results, achieving record earnings driven by organic net revenue growth of 1.4%. Gross margin improved by 200 basis points to 54.3%, with net income rising 12.7% to $70.0 million. Key highlights include a 7.1% increase in contract backlog, reaching $4.7 billion, and a successful acquisition of Cardno's consulting businesses expected to enhance US operations. The company declared a dividend of $0.165 per share, payable January 18, 2022. Stantec continues to navigate foreign exchange impacts, noting a revenue decrease of $25.4 million due to a stronger Canadian dollar.
Stantec, a leader in sustainable design and engineering, has enhanced its energy transition capabilities in the Netherlands by acquiring Driven by Values, a consulting firm specializing in sustainable energy solutions. This acquisition expands Stantec's presence in the region, increasing its workforce to 320 employees. Driven by Values aids clients in navigating the energy transition with innovative tools and strategies. The acquisition aligns with Stantec’s growth strategy aimed at supporting clients in achieving climate neutrality by 2050. Financial terms were not disclosed.
Stantec and Kleinfelder have been awarded a contract from the US Army Corps of Engineers (USACE) with a capacity of US$110 million to provide critical flood risk management services in the Lower San Joaquin River basin. The contract includes a US$17.3 million task order for the Lower San Joaquin River Levee Improvement Project, aimed at reducing flood risk in Stockton. This partnership highlights their expertise in water infrastructure, environmental management, and disaster response.
Stantec (TSX, NYSE: STN) announced its acquisition of select assets from Cardno Limited for US$500 million (~CA$620 million). This purchase focuses on the North America and Asia Pacific engineering and consulting groups, excluding Cardno's Latin American operations. The acquisition is expected to enhance Stantec's environmental and infrastructure services, representing approximately 20% and 30% of pro forma net revenues, respectively. It will also add around 2,750 professionals, significantly growing its footprint in Australia and the US, while delivering immediate double-digit accretion to adjusted earnings per share.
Stantec (STN) will release its third quarter 2021 financial results on November 3, 2021, post-market close. A conference call featuring CEO Gord Johnston and CFO Theresa Jang is scheduled for November 4, 2021, at 7:00 AM Mountain Time (9:00 AM Eastern Time) to discuss the company's performance. The call will be accessible via a live webcast and slide presentation, with options for telephone participation. Stantec emphasizes community-driven design, aiming to enhance quality of life through innovative projects globally.
Stantec has been awarded a five-year, US$800 million contract by the United States Agency for International Development (USAID) to provide global architect-engineer services. This contract will focus on infrastructure development, including schools and health facilities, and aims to enhance economic growth and sustainability in developing countries. Stantec's International Development team will oversee project execution, which will incorporate climate risk mitigation and promote gender inclusion. The contract's revenue will be recognized over its five-year term.
Stantec, along with WSP USA and Moffatt & Nichol, has secured a five-year, $500 million IDIQ contract from the US Navy's Naval Facilities Engineering System Command (NAVFAC) Pacific. The contract will support the Shipyard Infrastructure Optimization Program (SIOP), aimed at modernizing Pearl Harbor and Puget Sound naval shipyards. The initiative focuses on improving infrastructure, reducing maintenance costs, and enhancing operational efficiency. The WSM Pacific SIOP Joint Venture will deliver design solutions for critical dry dock projects and facility upgrades.
Stantec, a global design and engineering firm, has been named lead engineer for the AUS$695 million ECU City project in Perth, part of the Perth City Deal. This project aims to rejuvenate the Central Business District and create approximately 10,000 jobs. Stantec will provide civil, structural engineering, and planning services for the 60,000-square-meter campus, which is expected to host over 11,000 students by 2034. Construction is projected to start in 2021, with completion expected in 2025, enhancing Stantec's regional presence following several acquisitions.
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