09:44 AM EST, 03/06/2024 (MT Newswires) -- Aecon Group Inc. ( AEGXF ) rose more than 6% on Wednesday.

The Canadian construction and infrastructure development company reported Q4 results before the market open.

TD Securities analyst Michael Tupholme said Aecon's ( AEGXF ) adjusted EBITDA was approximately 12% ahead to consensus, due to higher-than-forecast margins, and adjusted EBITDA was below his expectations.

"Although results exceeded the Street's expectation, it is worth noting that the quarter was negatively impacted by an operating loss totalling $40 Million incurred in connection with two of Aecon's ( AEGXF ) four large fixed-price legacy joint venture projects," Tupholme said in a note to clients.

"For context, we remind that losses due to the company's fixed-price legacy projects totalled $91.1 Million in Q3/23," the analyst said.

Tupholme maintained a Hold rating and $14 price target on Aecon ( AEGXF ).

The stock rose $0.94, or 6.5%, to $15.47 on the Toronto Stock Exchange.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 15.50, Change: +0.97, Percent Change: +6.68