Stantec Inc. (NYSE:STN) Q1 2022 Earnings Conference Call May 12, 2022 9:00 AM ET
Company Participants
Gord Johnston – President and Chief Executive Officer
Theresa Jang – Executive Vice President and Chief Financial Officer
Conference Call Participants
Jacob Bout – CIBC
Frederic Bastien – Raymond James
Devin Dodge – BMO Capital Markets
Benoit Poirier – Desjardins Securities
Chris Goolgasian – Wellington Blog
Michael Tumpholme – TD Securities
Sabahat Khan – RBC Capital Markets
Ian Gillies – Stifel
Maxim Sytchev – National Bank Financial
Troy Sun – Laurentian Bank
Operator
Welcome to Stantec's First Quarter 2022 Earnings Results, Webcast and conference call, leading the call today are Gord Johnston, President and Chief Executive Officer, and Theresa Jang, Executive Vice President and Chief Financial Officer. Stantec invites those dialing in to view the slide presentation, which is available in the Investors section at stantec.com. Today's call is also webcast. Please be advised if you have dialed in while also viewing the webcast, you should mute your computer, as there is a delay between the call and the webcast.
All information provided during this conference call is subject to the forward-looking statement qualification set out on Slide 2 detailed in Stantec's management's discussion and analysis and incorporated in full for the purposes of today's call. Unless otherwise noted, dollar amounts discussed in today's call are expressed in Canadian dollars and are generally rounded. With that, I am pleased to turn the call over to Mr. Gord Johnston.
Gord Johnston
Good morning. And thank you for joining us today. 2022 is off to a good start with strong operational and financial performance. It's also been a very productive quarter, and I'd like to touch on some of our key activities and milestones. This was the first quarter -- first full quarter after closing the Cardno acquisition and I'm very pleased with the way our two organizations have come together. We really have validated how aligned our corporate cultures are. And as you've heard me say many times, getting the cultural fit right is critical to the success of any acquisition. Given the scale and complexity, the successful integration of Cardno is a top priority for Stantec in 2022.
Transitions to our Oracle ERP system for Cardno's Australia, New Zealand, and U.S. businesses are in full flight and are anticipated to be completed by the end of Q3. From an operational and financial perspective, Cardno is on track to deliver the results that we initially communicated, and we feel very positive about achieving expected performance in 2022 and beyond. And we are well on our way to delivering the expected annual run-rate cost synergies of $10 million ahead of the two-year timeline we initially projected. Most importantly, our teams are working exceptionally well together. We're already working on over 70 joint projects and are pursuing well over 100 additional projects together.