Stuart Olson Inc. announced consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported contract revenue of $220.1 million against $245.5 million a year ago. Contract income was $20.1 million against $25.9 million a year ago. Adjusted EBITDA was $5.7 million against $9.1 million a year ago. Net loss was $0.2 million against income of $0.7 million a year ago. Basic and diluted loss per share was $0.01 against EPS of $0.03 a year ago. Adjusted free cash flow was $3.7 million against negative adjusted free cash flow of $0.1 million a year ago. Adjusted free cash flow per share was $0.14. The improvement reflects a change in provisions due to ordinary warranty costs recognized on two large projects that reached substantial completion this quarter, together with lower tax payments, partially offset by lower adjusted EBITDA.

The company expects 2017 consolidated revenue to be meaningfully higher than in 2016 based on the outlook for its three business groups. On a consolidated basis, adjusted EBITDA is expected to be modestly higher than the restated 2016 results, primarily reflecting the anticipated absence of 2016's wildfire impacts, together with the benefits of savings realized from the 2016 restructuring initiatives. Adjusted EBITDA margin is expected to decline slightly as a result of investments in organic growth initiatives and an increase in incentive plan accruals associated with the expected improvement in consolidated financial results.