Stantec announces record 2023 earnings, dividend increase of 7.7%, and planned retirement of CFO Theresa Jang
EDMONTON, Alberta and NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) -- TSX, NYSE:STN Stantec, a global leader in sustainable design and engineering, today reported its results for the fourth quarter and year ended December 31, 2023.
- Stantec now expects that net revenue will increase between 11% and 15% in 2024.
- Net revenue increased 13.7%, or $609.0 million, to $5.1 billion compared to 2022, primarily driven by 9.9% organic growth and 1.5% acquisition growth.
- Water delivered exceptional organic growth of 20%, while Environmental Services and the United States achieved double-digit organic growth.
- The revaluation of Stantec's LTIP in Q4 2023, primarily due to strong share price appreciation, contributed to a lower margin.