Net revenue for the third quarter of 2024 increased by 15.8% year-over-year, reaching $1.5 billion. This growth was driven by 7.8% from acquisitions and 6.5% organic net revenue expansion. The Water and Buildings segments notably achieved double-digit organic growth of 11.9% and 10.0%, respectively.
Adjusted EBITDA for the quarter rose by 13.8%, resulting in an adjusted EBITDA margin of 18.0%. Adjusted diluted earnings per share increased by 14% year-over-year to $1.30. The company's contract backlog reached a new all-time record of $7.3 billion as of September 30, 2024.
Based on this performance, Stantec raised its 2024 outlook for net revenue growth to a range of 14.5% to 15.0%, up from the previous 12% to 15%. Adjusted diluted EPS growth is now projected between 16% and 18%, an increase from the prior 12% to 16% range. The adjusted return on invested capital is expected to be above 12%, up from 11%.
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