TORONTO, May 1 (Reuters) - Profit at engineering firm Stantec Inc STN.TO SXC.N rose 9.7 percent in the first quarter, the company said on Thursday, crediting increased demand in its environment and industrial businesses.
Stantec said net income rose to C$16.9 million ($16.6 million), or 37 Canadian cents a share, in the first quarter from C$15.4 million, or 33 Canadian cents, in the same period the year before.
Net revenue increased by 32.6 percent to C$254.9 million from C$192.3 million.
Edmonton, Alberta-based Stantec provides design and consulting services in architecture, engineering, surveying, economics and project management.
The company completed four acquisitions in the first quarter, including that of Secor International, which provides environmental consulting and engineering services. The acquisition brought more than 700 employees and 40 offices to Stantec, mainly in the United States.
Stantec also purchased civil and environmental engineering firm Zande Companies, as well as Rochester Signal, which specializes in railway signal systems, and RHL Design Group, which provides design services.
“Our employees have been able to successfully lever the increasing size and scope of Stantec,” said President and Chief Executive Tony Franceschini in a statement.
“This has occurred while we continue to integrate newly acquired companies and meet the challenges of changing market conditions through effective work-sharing across offices.”
Shares of Stantec were up 42 Canadian cents, or 1.4 percent, at C$30.05 on Thursday morning on the Toronto Stock Exchange.
$1=$1.02 Canadian Reporting by Leah Schnurr; Editing by Peter Galloway