Why Stantec Stock Soared on Friday
Stantec stock surged 12.95% after delivering a beat-and-raise quarter, earning Cdn$1.89 per share on Cdn$1.9 billion in revenue versus analyst expectations of Cdn$1.27 per share on Cdn$1.3 billion. The Canadian engineering firm reported 9% year-over-year sales growth and 24% adjusted earnings growth, with a contracted backlog growing 12% year-over-year, suggesting accelerating future growth. Management raised full-year guidance to 9-11% revenue growth and 17-19% adjusted earnings growth.