STANTEC INC. $33.13 (Toronto symbol STN; TSINetwork Rating: Extra Risk) (780-917-7288; www.stantec.com; Shares outstanding: 94.2 million; Market cap: $3.1 billion; Dividend yield: 1.3%) sells a range of consulting, project-delivery, design and technology services.
Its clients operate in a variety of industries, including oil and gas, transportation and construction.
In the three months ended September 30, 2015, Stantec’s acquisitions and the stronger U.S. dollar boosted its revenue by 14.0%, to $620.1 million from $544.2 million a year ago. However, earnings rose just 2.8%, to $49.9 million, or $0.53 a share, from $48.6 million, or $0.52. That was mostly due to the cost of integrating recently purchased firms.
The company continues to grow through acquisitions. One of its latest purchases is Fay, Spofford & Thorndike, a 280-person engineering, planning and environmental firm based in Burlington, Massachusetts.
Stantec cuts its costs by sharing administrative expenses, financing and employee benefits among its divisions. But continually buying other companies (it has made 25 acquisitions over the past three and a half years) adds risk, including the risk of writedowns.
The company raised its dividend by 13.5% with the June 2015 payment, to $0.105 from $0.0925. The shares yield 1.3%.
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