This post was originally published on this site
Skanska, the Nordic region’s largest builder and one of the biggest in the United States, said construction market activity was picking up as pandemic-led uncertainty has started to ebb.
The company’s third-quarter operating profit came in at 1.54 billion crowns ($179.35 million), compared with a year-ago profit of 1.53 billion crowns. Five analysts polled by Refinitiv had estimated a profit of 1.63 billion crowns.
The profit lagged pre-pandemic 2019 numbers, when Skanska had delivered a third-quarter profit of 2.15 billion crowns.
“With more momentum in the economy, we see price increases in certain materials and bottlenecks in the supply chain,” Skanska said in a statement.
“With a selective approach, strong commercial management and a home-market approach that leverages our local expertise, we are well-equipped to manage these challenges. We will continue to do so in close collaboration with our customers.”
The order intake in the reported quarter at its construction division, which books the bulk of group revenue and is refocusing on higher-margin projects, declined to 26.6 billion crowns from 31.8 billion crowns.
($1 = 8.5867 Swedish crowns)
