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 (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.
Stantec (TSX, NYSE:STN) reported strong Q2 2021 results with adjusted diluted EPS up 19.2% to $0.62. The company raised its full-year earnings guidance, now expecting a 4% to 7% growth compared to the previous 1% to 5%. Revenue increased by 2.2% on a constant currency basis, reflecting solid project execution and organic growth. Net income rose 20.2% to $63.2 million, supported by lower interest expenses and effective tax strategies. Contract backlog reached $4.6 billion with double-digit growth in Energy & Resources, while overall operating cash flows fell by 68.9%. A dividend of $0.165 per share was declared.
Stantec (TSX, NYSE: STN) has signed a letter of intent to acquire Paleo Solutions, a consulting firm specializing in natural and cultural resource management. This acquisition aims to enhance Stantec's Environmental Services by integrating Paleo Solutions’ expertise in paleontology and cultural resources management. The transaction is set to close in Q4 2021. Paleo Solutions is well-positioned to capitalize on the growing demand for sustainable project delivery, especially within the renewable energy sector, reflecting Stantec's commitment to environmental sustainability.
On July 20, 2021, 374Water (PWVI) announced a partnership with Stantec to evaluate and support the design of its AirSCWO Nix6 systems. Stantec will serve as the owner's representative, participating in design meetings and operations review support. The AirSCWO technology aims to efficiently process organic waste and eliminate contaminants like PFAS and microplastics. Following its recent equity funding, 374Water plans to deploy its first units in the first half of 2022.
Stantec has been awarded design and engineering contracts for three K-12 district bond programs in Texas and Michigan, with a total value of approximately US$260 million.
The projects involve renovations, expansions, and technology upgrades to improve educational facilities. Key projects include renovations at Brackenridge High School in San Antonio and new schools in Bastrop, Texas. In Caledonia, Stantec will design a new Athletic Complex scheduled for completion in 2022. The firm emphasizes its commitment to community-focused designs that address evolving educational needs.
Stantec, trading on TSX and NYSE under STN, will announce its Q2 2021 financial results post-market on August 4, 2021. A conference call with CEO Gord Johnston and CFO Theresa Jang is scheduled for August 5, 2021, at 7:00 AM Mountain Time. Investors can access the live webcast and slides at this link, or dial 1-888-204-4368 for participation. Stantec focuses on community-driven design and aims to enhance the quality of life globally.
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