Stantec Profit Misses Estimates; Stock Down 10%

(RTTNews) - Stantec Inc (STN, STN.TO), a provider of professional consulting services, on Thursday reported second-quarter net earnings of C$43.2 million or C$0.46 per share compared with C$44.3 million or C$0.47 per share last year.

Revenues for the quarter were C$593.9 million compared with C$530.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of C$0.50 per share on revenues of C$612.1 million for the quarter. Analysts' estimates typically exclude special items.

Stantec said both its buildings and infrastructure business operating units had strong organic revenue growth in the quarter, partly offsetting a retraction in its energy & resources business operating unit.

On August 5, the company declared a cash dividend of C$0.105 per share.