EDMONTON, Alberta and NEW YORK - Stantec (NYSE:STN), a leading firm in sustainable design and engineering, announced the passing of Dr. Patricia D. Galloway, a member of its Board of Directors, on Thursday last week. Dr. Galloway, who joined the Stantec Board in May 2020, was recognized for her extensive experience in civil engineering, particularly in energy and construction sectors.
During her tenure, Dr. Galloway contributed to the Board's Corporate Governance and Compensation, and Sustainability and Safety committees. Her career spanned over four decades, marked by her role as the first female president of the American Society of Civil Engineers. She was known for her advocacy for inclusion, diversity, and equity within the industry.
Doug Ammerman, Chair of Stantec's Board of Directors, expressed the board's deep sadness and extended their sympathies to Dr. Galloway's family and friends. Stantec's President and CEO, Gord Johnston, also paid tribute to her, highlighting her exceptional character and pioneering spirit.
Stantec, traded on the TSX and NYSE under the ticker STN, is a global entity specializing in architecture, engineering, and environmental consulting. The company emphasizes the importance of addressing contemporary global challenges such as climate change, digital transformation, and infrastructure resilience.
Dr. Galloway's noteworthy contributions to Stantec and the broader engineering community are part of the legacy she leaves behind. This news is based on a press release statement from Stantec.
In other recent news, Stantec, a global design and consulting firm, has posted a record net revenue of $1.5 billion in the second quarter of 2024, a 17% increase from the previous year. The firm's Water and Buildings businesses contributed significantly to this growth, with both U.S. and Canadian operations witnessing a 16% rise in net revenue. The company's backlog reached an all-time high at $7.2 billion. Stantec also announced the appointment of Vito Culmone as the new Executive Vice President and future Chief Financial Officer, whose tenure begins in September.
In another significant development, Stantec has been selected by the Los Angeles Department of Water & Power (LADWP) for a five-year master services agreement valued at US$104 million. This contract involves upgrading and modernizing the electrical infrastructure in greater Los Angeles as part of LADWP's Power System Reliability Program. Stantec's services will include transmission planning studies, reliability assessments, and consulting for construction, maintenance, and safety, among other responsibilities.
These recent developments underscore Stantec's ongoing efforts to support infrastructure modernization and the transition to renewable energy. The firm is also actively pursuing acquisition opportunities in various geographies, particularly in Germany through the acquisition of ZETCON, as part of its strategic direction towards continued growth and expansion.
InvestingPro Insights
As Stantec (NYSE: STN) mourns the loss of Dr. Patricia D. Galloway, a valued board member, it's worth examining the company's financial health and market position. According to InvestingPro data, Stantec boasts a market capitalization of $9.44 billion, reflecting its significant presence in the sustainable design and engineering sector.
The company's commitment to sustainability and addressing global challenges aligns with its strong financial performance. InvestingPro data shows that Stantec's revenue grew by 13.02% over the last twelve months as of Q2 2024, reaching $3.96 billion. This growth is complemented by an impressive gross profit margin of 54.31%, underscoring the company's operational efficiency.
InvestingPro Tips highlight Stantec's dedication to shareholder value. The company has raised its dividend for 12 consecutive years, demonstrating a consistent commitment to returning value to investors. This is particularly noteworthy given the company's focus on long-term challenges like climate change and infrastructure resilience.
While Stantec's P/E ratio of 36.83 suggests a premium valuation, it's important to consider this in the context of the company's strong market position and growth prospects. The stock's 27.82% total return over the past year indicates investor confidence in Stantec's strategy and execution.
For readers interested in a deeper dive into Stantec's financials and future outlook, InvestingPro offers 11 additional tips, providing a comprehensive analysis of the company's investment potential.
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