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, a global engineering and design firm, has signed a Letter of Intent to acquire Wenck, an environmental engineering firm based in the US. Founded in 1985, Wenck specializes in air, water, waste, and infrastructure solutions. This acquisition will enhance Stantec's environmental services, especially in the US Midwest, by adding expertise in key areas like air quality and resource management. The transaction's terms were not disclosed, but it is seen as a strategic move to strengthen Stantec's market position in various sectors including energy and infrastructure.
Stantec has announced the acquisition of AGEL adviseurs, a multi-discipline engineering firm based in the Netherlands, enhancing its capabilities in the region. This strategic move allows Stantec to better serve clients nationwide and expand its portfolio in environmental services, spatial development, and the energy transition. AGEL's expertise will complement Stantec's existing services and positions the company for organic growth. The transaction details were not disclosed, but it is anticipated to strengthen Stantec's presence in the Netherlands' southwest and central regions.
Stantec Inc. has appointed Martin à Porta to its Board of Directors, effective January 1, 2021. With 25 years of experience in professional services and industrial sectors, à Porta previously served as CEO of Pöyry Plc and held senior roles at Siemens. He brings expertise in consulting and transformation across various industries including power, forestry, and environmental services. His appointment is expected to enhance Stantec's strategic direction and operational capabilities in the market, aligning with their community-focused mission.
Stantec has been selected to provide planning and design services for the new South Niagara Hospital in Ontario, which aims to be among the first healthcare facilities in Canada to achieve WELL certification. The hospital will occupy 1.3 million square feet, featuring 470 beds and various specialized care centers, and is scheduled to open in 2027. This facility aims to enhance healthcare access and improve patient experiences in the region, addressing the growing need for healthcare services.
Stantec has launched Stantec GenerationAV™, a comprehensive consulting program aimed at facilitating the deployment of autonomous vehicle (AV) projects. The initiative addresses major obstacles such as technology supplier selection, regulatory compliance, and efficient deployment roadmaps. Stantec GenerationAV™ leverages data-driven experiences from past projects and an extensive partnership network to enhance client resources. With a proven ability to accelerate AV deployments by three to six months, the program is expected to bolster safety, efficiency, and community-wide benefits.
Stantec Inc. (STN) announced the renewal of its Normal Course Issuer Bid (NCIB), allowing it to repurchase up to 5,605,224 common shares, about 5% of its outstanding shares. This initiative begins on November 16, 2020, and lasts until November 15, 2021. Stantec's previous NCIB resulted in the purchase of 1,151,244 shares at a weighted average price of $36.82. The company aims to enhance shareholder returns, reinforcing its capital strategy alongside organic growth and debt management.
Stantec reported Q3 2020 adjusted net income of $69.9 million, a 5.4% increase from Q3 2019, with adjusted diluted EPS rising to $0.62. Despite a 3.8% decrease in net revenue, the company managed to maintain adjusted EBITDA at 17.3%. The contract backlog increased to $4.8 billion, signaling strong future work. Operating cash flows also rose 17.8% to $163.8 million. The Board declared a dividend of $0.155 per share, payable in January 2021. Looking forward, Stantec anticipates muted revenue growth due to COVID-19 impacts but expects to remain resilient with strong earnings in 2021.
Stantec's Pure Water San Diego program has achieved a significant milestone by obtaining a National Pollutant Discharge Elimination System permit, enabling the addition of purified water to the Miramar Reservoir. This $3 billion initiative aims to supply sustainable water to over 1.4 million residents, enhancing the City's water independence. Upon completion in 2035, it will provide one-third of San Diego's water supply locally, significantly reducing reliance on imported water. Phase 1 funding and construction bids are currently underway, targeting a production of 30 million gallons of purified water per day.
Stantec announced the closing of a private placement offering of $300 million in senior unsecured notes due October 8, 2027, with an interest rate of 2.048% per annum. The proceeds will be utilized to repay existing debt and for general corporate purposes. The notes rank equally with Stantec's existing senior unsecured indebtedness and were assigned a BBB rating with a stable outlook by DBRS Limited. Notably, these notes are not registered under U.S. securities laws and cannot be sold to U.S. persons.
Stantec will announce its third quarter 2020 financial results on November 4, 2020, after market close. A conference call, hosted by CEO Gord Johnston and CFO Theresa Jang, is scheduled for November 5, 2020, at 7:00 AM MT (9:00 AM ET) to discuss the results. The call will be accessible via telephone or streamed online. Stantec, trading on TSX and NYSE under the symbol STN, focuses on community-centric design, emphasizing collaboration and innovation.
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