Residential is down. Commercial remains steady. Skanksa keeping their discipline.
by Richard Allan / November 2, 2022
Skanska recorded £102.4m in profit for the third quarter, down from £160.9m in the second quarter, and up over £1.7m year over year, less than a 1% change.
They reported £3.04bn in Q3 turnover last Wednesday — up 15% from Q2 — and £13.20 billion for the last 12 months.
CEO Anders Danielsson addressed economic uncertainties and their impact on Skanska’s performance. He said:
- Activity in the residential sector has slowed, impacting revenue.
- Commercial property development has remained steady during 2022.
“The strategic direction remains for the company. We’re going to keep the discipline, continue to improve the profitability in construction, and grow some part of the profitable business in a responsible way” said Danielsson.
Backlog for the quarter: £17.99bn, the highest in four years. Skanska’s $2.2 billion worth of order bookings in the U.S. market was more than double that amount from Q3 2021.
This year, Skanska completed their biggest project ever – LaGuardia Airport – Central Terminal B Redevelopment. A project worth $4bn.