Stantec, Inc. - STN STOCK NEWS

Stantec has been awarded a contract by the Federal Aviation Administration to design a new airport traffic control tower and a terminal radar approach control base building in Anchorage, Alaska. This project addresses increasing air traffic demands at Ted Stevens Anchorage International Airport, which serves 5.7 million passengers annually. The new tower, over 300 feet tall, will enhance operational capacity and safety, especially in seismic conditions. The design focuses on sustainability and operational efficiency, marking a significant advancement for aviation infrastructure in Alaska.

Stantec, trading under STN on TSX and NYSE, has received approval for the renewal of its Normal Course Issuer Bid (NCIB). The company plans to repurchase up to 5,538,309 shares, about 5% of its outstanding shares, starting November 16, 2022, until November 15, 2023. Previously, Stantec bought 1,085,676 shares at an average price of $60.16 during the concluding NCIB. Additionally, an automatic share purchase plan (ASPP) has been established to facilitate purchases during black-out periods, enhancing shareholder returns while ensuring financial stability.

Stantec reported Q3 2022 net revenue of $1.2 billion, marking a 24.3% increase from Q3 2021, supported by 11.0% organic growth and 12.9% acquisition growth. The adjusted diluted EPS rose to $0.86, up 19.4% year-over-year. The backlog reached a record $6.2 billion, reflecting 15.1% organic growth. However, net income decreased 2.9% to $68 million due to acquisition-related expenses. Stantec maintains its full-year 2022 guidance for adjusted diluted EPS growth of 22% to 26% and net revenue growth of 18% to 22%.

Stantec-Freese and Nichols JV has secured a US$25 million, five-year contract from the U.S. Army Corps of Engineers (USACE) Mobile District. This contract will enable the joint venture to provide comprehensive architecture and engineering services to the Water and Wastewater Technical Center of Expertise (WWTCX). Their responsibilities include planning, design, and construction phase services, essential for improving water and wastewater systems across the nation. Stantec emphasizes its 60-year partnership with USACE, while Freese and Nichols highlights its commitment to national resilience through efficient water systems.

Stantec has become a partner in the United Nations Decade on Ecosystem Restoration, emphasizing its leadership in global ecosystem restoration efforts. The initiative, running from 2021 to 2030, aims to combat ecosystem degradation worldwide and supports the UN's 17 Sustainable Development Goals. Stantec is the first design and engineering firm to be recognized as an actor partner, developing restoration programs and supporting ground activities. The company has a dedicated team of over 1,000 ecosystem restoration professionals and has restored over 40,000 acres and 1,000 miles of rivers globally.

Stantec (TSX, NYSE: STN) will release its third quarter 2022 financial results on November 10, 2022, after market close. A conference call is scheduled for November 11, 2022, at 7:00 AM MT (9:00 AM ET) to discuss the company's performance. The call will include a webcast and slide presentation, accessible via Stantec's Investor section. Analysts wishing to participate in the Q&A must register in advance. Stantec emphasizes its commitment to community-focused design, integrating diverse perspectives to enhance quality of life globally.

Stantec (TSX, NYSE: STN) has signed a Letter of Intent to acquire L2P, a Philadelphia-based architecture and design firm specializing in science and technology sectors. L2P, founded in 2009, enhances Stantec's offerings in commercial workplaces and educational facilities. This acquisition will leverage L2P's expertise in strategic asset planning and sustainable design, aligning with Stantec's goal of innovative architecture. Notable projects by L2P include the Air Products headquarters and the Chemours Discovery Hub. The financial terms of the transaction remain undisclosed.

Stantec has been appointed as the Engineer of Record for the second phase of the Gross Reservoir Expansion (GRE) Project in Boulder County, Colorado. This US$531 million initiative will raise the existing dam by 131 feet, making it the tallest dam in Colorado and increasing its capacity to approximately 119,000 acre-feet. The project aims to enhance water security for over 1.5 million residents. Stantec's contract for the construction phase is valued at US$20 million and includes comprehensive engineering support to ensure project compliance and quality.

Stantec has been awarded a five-year, US$30 million contract by NAVFAC Southwest to provide architect-engineer and consulting services focusing on encroachment management and mission readiness at Navy and Marine Corps facilities in Southern California.

This contract expands Stantec's collaboration with NAVFAC, following successful previous projects including the development of an enterprise decision-support system. The scope includes land use planning, geospatial analysis, and other specialized studies to mitigate encroachment impacts.