Stantec's LNG, Renewable Contracts Drive U.S.-Canadian Growth

March 5, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Engineering, design and consulting giant Stantec Incorporated (NYSE:STN) (Edmonton, Alberta) enjoyed positive results in 2023, when strong market demand, especially in its U.S.-based businesses, delivered double-digit net revenue growth. Executives pointed to the company's organic growth across all its business units.

Industrial Info is tracking more than US$95 billion worth of active and planned projects featuring Stantec's services worldwide, more than 60% of which is attributed to projects in the Power and Oil & Gas industries. The most widely anticipated project is a massive liquefied natural gas (LNG) production complex in Kitimat, British Columbia. LNG Canada, a consortium led by Shell plc (NYSE:SHEL) (London, England), started construction on the facility in late 2019.

Stantec's other projects include those for companies such as SaskPower, Orsted A/S, Ranger Power, JinkoSolar (NYSE:JKS), Xcel Energy Incorporated (NASDAQ:XEL) and Amazon.com Incorporated (NASDAQ:AMZN).