Earnings rose at AtkinsRéalis, Montreal, Canada, in the first quarter, which the company attributed in part Wednesday to surging international interest in new nuclear power.
Net earnings for the first quarter ended were C$45.5 million (US$33.45 million) or C$0.26 (US$0.19) a share, up from C$28.4 million (US$20.88 million) or or C$0.16 a share (U.S. 0.12 a share), in the year-ago quarter. Quarterly revenue was C$2.2 billion, (U.S. $1.6 billion) up year-over-year from C$2 billion (US$1.47 billion), according to the company’s quarterly earnings press release and currency conversion tables.
Quarterly earnings before interest and taxes for the nuclear segment, which includes AtkinsRéalis’ Department of Energy weapons complex work in the United States, was C$39 (U.S. $28.7 million), up from C$32.7 million (U.S. $24 million) a year ago. Earnings before interest and taxes is a measure of financial core health. Segment revenue was C$299 million (U.S. $220 million), up from C$244 million (U.S. $179.4) in the year-ago period.
“Our financial results and increased backlog reflect our strong market position and the continued demand for our Engineering Services and Nuclear businesses,” AtkinsRéalis President and CEO Ian Edwards, said in the release. “There is so much strong demand emerging for new nuclear,” Edwards said during management’s conference call with financial analysts.
The nuclear interest includes both new reactor units and refurbished or “re-tubed” ones, Edwards said. In February, the company launched its Canadians for CANDU drive, a campaign to promote deployment of CANDU nuclear technology in Canada and internationally to generate power without carbon emissions.
In the United States, AtkinsRéalis is the lead partner in Mid-America Conversion Services, which runs DOE’s depleted uranium hexafluoride conversion plants at the Paducah Site in Kentucky and the Portsmouth Site in Ohio.
It is also a junior partner to Amentum on Washington River Protection Solutions’ tank management contract at DOE’s Hanford Site in Washington state.
An AtkinsRéalis-led group is also protesting a DOE award of a new U.S. $45-billion contract to a BWX Technologies-led group at Hanford.
