Stuart Olson Inc. announced consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported Revenue was $220.7 million compared to $281.7 million a year ago. Adjusted EBITDA was $8.6 million compared to $15.8 million in a year ago. Net earnings was $1.4 million compared to $6.4 million in a year ago. Diluted earnings per share was $0.05 compared to $0.18 in a year ago. Adjusted free cash flow was $3.2 million compared to $12.1 million in a year ago. Adjusted free cash flow per share was $0.12 compared to $0.46 in a year ago.

For the nine months, the company reported revenue was $690.8 million compared to $868.3 million in a year ago. Adjusted EBITDA was $22.1 million compared to $39.2 million in a year ago. Net loss was $3.0 million compared to net earnings of $9.1 million in a year ago. Diluted loss per share was $0.11 compared to diluted earnings per share of $0.30 in a year ago. Adjusted free cash flow negative was $4.8 million compared to adjusted free cash flow of $22.4 million in a year ago. Adjusted free cash flow negative per share was $0.18 compared to adjusted free cash flow per share of $0.85 in a year ago.

For the year of 2016, the company expects adjusted EBITDA and adjusted EBITDA margin are expected to be lower in 2016, reflecting the direct and indirect impact of the wildfires on the Industrial group's operations, the continuation of challenging economic conditions in the Alberta market as a whole, and an increased proportion of lower-risk and correspondingly lower-margin MRO projects within the Industrial group. Adjusted EBITDA results for 2016 are also expected to include the reversal of intersegment eliminations that favourably impacted 2015 results. Accordingly, on a consolidated basis, the company anticipates that 2016 revenue will be substantially lower than achieved in 2015.

The company expects fourth quarter 2016 adjusted EBITDA to be similar to adjusted EBITDA achieved in the first quarter of 2016.