Stuart Olson Inc. reported consolidated financial results for the first quarter ended March 31, 2019. For the period, the company reported contract revenue was $220.9 million against $265.9 million a year ago. Net loss was $2.5 million or basic loss per share of $0.09 against net earnings of $1.6 million or basic earnings per share of $0.06 a year ago.

As compared to fiscal 2018, the company expects 2019 consolidated contract revenue to be meaningfully higher. The Company's consolidated outlook has changed from its December 31, 2018 MD&A, primarily as a result of lower-than-expected award wins for its Industrial Group as a result of competitive market conditions and the continued near-term impacts on capital spending by its integrated oil sands customers as a result of the mandatory Alberta oil production curtailment policy.