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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'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.
Stantec has announced a private placement of $300 million in senior unsecured notes with a 2.048% interest rate, due October 8, 2027. The closing is expected around the same date, subject to customary conditions. The funds will primarily be used for repaying existing debt and general corporate purposes. The notes will not be registered under the U.S. Securities Act and will be issued at par, with interest payments starting on April 8, 2021. The notes have been provisionally rated BBB by DBRS Limited.
Stantec has completed the acquisition of Teshmont, enhancing its expertise in high voltage power transmission and distribution engineering. Founded in 1966, Teshmont brings experience from over 300 projects across 50 countries. This strategic move positions Stantec to capitalize on an estimated US$13 trillion in renewable energy spending by 2025. The acquisition is expected to bolster Stantec's Energy & Resources operations, specifically in renewable energy projects like wind and solar, while offering Teshmont's employees new opportunities for growth and diverse services.
Stantec has been selected by the Millennium Challenge Corporation (MCC) to provide advisory services for its US$350 million Mongolia Water Compact. This initiative aims to enhance Ulaanbaatar's water supply by 80%, benefiting over 1.4 million residents. The project includes constructing groundwater wells, a water purification plant, and wastewater recycling facilities. Additionally, the Mongolian Government is contributing US$111.8 million, marking a significant partnership for MCC. Stantec has collaborated with MCC since 2006, indicating its established expertise in international development.
Stantec announced a collaboration with Battelle for a 10-year, $260 million Arctic Research Support and Logistics Services contract from the National Science Foundation. The project includes engineering and design services for new facilities and maintenance in remote Arctic locations, enhancing research capabilities. Stantec emphasizes sustainable operations and partnerships with Indigenous communities, aiming for a Progressive Aboriginal Relations certification. This collaboration supports vital studies in the rapidly changing Arctic environment, reinforcing Stantec's commitment to responsible research and community engagement.
Stantec has secured a five-year, $45 million indefinite delivery/indefinite quantity (IDIQ) contract from the US Army Corps of Engineers (USACE), Huntington District. The contract focuses on geotechnical services for flood damage reduction projects across the Continental United States. Key tasks include dam safety assessments, seepage management, and seismic studies. This partnership continues over 60 years of collaboration between Stantec and USACE, supporting vital infrastructure projects. The contract qualifies as essential work during the COVID-19 pandemic.
Stantec has been chosen as the lead in a global project by the Water Research Foundation to establish a digital transformation framework for the water industry. Named Definition of Smart Utility, this initiative is funded by the WRF and aims to guide utility leaders in making data-driven decisions using an Intelligent Water Systems (IWS) framework. The project will focus on integrating smart technologies into utility operations and is expected to be completed by the end of 2021. Approximately 30 agencies and seven data solution providers will contribute to this vital research.
On July 21, 2020, Stantec announced it will provide bridge inspection services to Nevada, Colorado, and North Dakota’s Departments of Transportation (DOT). The company will conduct over 2,000 inspections for NDOT and a statewide evaluation for CDOT, employing advanced technologies such as drone inspections and non-destructive testing. The bridge inspection market is projected to reach $6.3 billion by 2029, driven by aging infrastructure. Inspections for NDDOT will begin soon, marking Stantec's first contract with them.
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