Stantec Inc. (NYSE:STN) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET
Company Participants
Gord Johnston - President & Chief Executive Officer
Vito Culmone - Executive Vice President & Chief Financial Officer
Conference Call Participants
Benoit Poirier - Desjardins
Jacob Bout - CIBC
Frederic Bastien - Raymond James
Maxim Sytchev - NBF
Jonathan Goldman - Scotiabank
Operator
Welcome to Stantec's Third Quarter 2024 Results Webcast and Conference Call. Leading the call today are Gord Johnston, President and Chief Executive Officer; and Vito Culmone, 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 that 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 statements qualification set out on Slide 2 detailed in Stantec's Management's Discussion and Analysis and incorporated in full for the purpose 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'm pleased to turn the call over to Mr. Gord Johnston. Please go ahead.
Gord Johnston
Good morning. And thank you for joining us today. I'm happy to report very solid third quarter results as we delivered another record quarter. We continue to see strong demand in all of our geographies and across our business operating units. Climate change, aging infrastructure, industry shifts, reshoring of production and incremental and breakthrough technologies all continue to drive this demand. We achieved record net revenue of CAD1.5 billion, up almost 16% compared to Q3 2023. This was generated with 6.5% organic and almost 8% acquisition growth. We delivered solid organic growth in each of our key geographies and we had organic growth in each of our business operating units with the exception of Energy & Resources.
Our Water and Buildings businesses both realized double-digit organic growth. As a result of solid project execution, adjusted EBITDA for the quarter rose to CAD275 million, up almost 14% with a very healthy margin of 18% and we delivered adjusted EPS of CAD1.30 also up 14%.
In addition to our record results, I want to highlight a recent accolade that Stantec received. Newsweek recently released their list of Canada's Most Responsible Companies for 2025. I'm very pleased to announce that Stantec was ranked at number one for our commitment to climate, social welfare and responsible governance. Over 700 of Canada's largest private and public companies were evaluated on over 30 key performance indicators. And those results were coupled with a corporate social responsibility reputation survey of over 4,000 Canadian consumers.