Stantec Inc. reports news on its sustainable design, engineering, architecture, and environmental consulting business. Company updates commonly cover financial results, backlog and outlook, dividend actions, normal course issuer bids, and annual shareholder meeting materials.
Stantec news also includes multidisciplinary project awards and client selections across infrastructure, water and wastewater, energy transition, buildings, environmental services, and public-sector programs. Recurring themes include work tied to aging infrastructure, community development, sustainable energy, climate resilience, and regional activity in Canada, the United States, and global markets.
Stantec has been appointed as the prime consultant for the new Queensway Health Centre in Toronto, Ontario, as part of Trillium Health Partners. This nine-story, 600,000-square-foot patient tower will enhance healthcare delivery with over 350 beds dedicated to complex care and rehabilitation services. The design prioritizes patient experience, offering natural light and outdoor spaces. Stantec is also managing minor renovations at the existing hospital and is involved in THP’s new Mississauga project, indicating significant growth in the healthcare sector and improved service access.
Stantec has acquired Cox|McLain Environmental Consulting, Inc. (CMEC), a 70-person firm specializing in environmental compliance and cultural resource services. This acquisition aligns with Stantec's sustainability focus and expands its Environmental Services practice. The deal enhances Stantec's expertise in energy, transportation, and cultural resources, especially in Texas and Oklahoma. CMEC has completed numerous critical projects, positioning Stantec for growth in the environmental sector. The transaction's financial terms remain undisclosed.
Stantec (TSX, NYSE: STN) has successfully completed its acquisition of Cardno's North America and Asia Pacific engineering and consulting groups for US$500 million. This strategic move enhances Stantec's market presence, particularly in Australia, substantially increasing its workforce by 2,750 employees. CEO Gord Johnston emphasized the growth opportunities in environmental services and U.S. stimulus spending as key benefits. Over 99% of Cardno shareholders approved the acquisition, indicating strong support from stakeholders.
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.