04:37 PM EDT, 10/31/2024 (MT Newswires) -- Aecon Group ( AEGXF ) on Thursday said its third-quarter profit fell while revenue rose year-over-year.

The construction and engineering company said it earned $57.5 million, or $0.86 per share, down from $133.7 million, or $1.63, in the year-prior quarter.

Revenue rose 3% to $1.28 billion from $1.24 billion a year ago.

In the Construction segment, revenue increased due to growth in nuclear, civil, and utilities operations. This was partly offset by a decline in industrial revenue and urban transportation solutions. In the Concessions segment, revenue fell mainly because Aecon ( AEGXF ) switched to equity accounting for its 50.1% interest in the Bermuda International Airport concessionaire after selling a 49.9% stake in the third quarter.

"With backlog of $6 billion and strong demand for Aecon's ( AEGXF ) services, Aecon ( AEGXF ) is well-positioned to achieve revenue growth commencing in 2025 and over the next few years," Chief Executive Jean-Louis Servranckx said.

Aecon ( AEGXF ) shares closed up $0.13 to $23.19 on the Toronto Stock Exchange.