Enterprise Group revenue, profit jump in third quarter; stock heavily traded

ST. ALBERT, Alta. – Enterprise Group Inc. (TSX:E) was among the most heavily traded TSX stocks Tuesday morning after the Alberta-based construction services company announced a big jump in third-quarter revenue and profit.

The company, based in St. Albert northwest of Edmonton, said it benefited from successfully acquiring Calgary Tunnelling & Horizontal Augering Ltd., at the end of the second quarter.

CTHA booked $4.5 million worth of projects during the quarter, or nearly half of Enterprise’s total.

Enterprise’s revenue for the months ended Sept. 30 jumped to $10 million, up $5.7 million or 131 per cent from a year earlier.

Its net income jumped to $3.9 million or five cents per share for the quarter, up from about $70,000 or less than a cent per share.

Enterprise shares were up about six per cent with about million shares traded by late morning, several times the stock’s average daily volume and the second-highest on the Toronto Stock Exchange at the time.

The shares were up five cents at 86 cents shortly, near a post-recession high of 89 cents set on Oct. 22.