(Montreal) AtkinsRéalis has decided to raise its nuclear energy sector growth outlook for fiscal 2024 after seeing “exceptional opportunities” in its nuclear portfolio and reporting higher second-quarter earnings and revenue.
The company formerly known as SNC-Lavalin Group said Friday it now expects a revenue growth outlook of between 30% and 35% for the full year 2024 in its nuclear power segment compared to 2023.
Previous guidance was for a 15% to 20% increase year over year, but the company says it has seen “solid growth” and “confidence in continued demand” for the business, allowing it to be more optimistic.
In the second quarter, which ended on June 30, the revenues of the Nuclear Energy sector reached 357.6 million, an increase of 42.4% compared to the same period last year, during which this sector had generated revenues of 251.2 million.
Company-wide, revenue totaled $2.36 billion in the second quarter, up 17.0% from $2.13 billion in the same period last year.
This increase in revenues notably allowed the Montreal company to achieve a net profit of 82.2 million, or 47 cents per share, in the second quarter, compared to 63.8 million, or 36 cents per share, a year ago.
In a statement, AtkinsRéalis President and CEO Ian L. Edwards noted that the company ended the first half “with another excellent quarter, delivering significant revenue growth and year-over-year margin expansion.”
“We continue to see strong demand for our engineering services business and the market remains strong, as evidenced by our record order book,” he said.
Mr. Edwards was particularly enthusiastic about the nuclear energy sector, particularly the refurbishment of CANDU reactors. AtkinsRéalis will pay a dividend of 2 cents per share on September 6.