Stantec Inc (STN) experienced a significant surge in its stock price on Wednesday, soaring 5.09% in intraday trading. This upward movement was fueled by the company's impressive fourth-quarter 2024 earnings results, a record backlog, and positive analyst commentary.

In its Q4 2024 earnings call, Stantec reported a record year with net revenues of $5.9 billion, up 15.8% from 2023. The company achieved double-digit organic growth in the US and high single-digit growth in Canada and globally. Additionally, Stantec's adjusted EBITDA grew by 18% to $980 million, with an enhanced margin of 16.7%, reflecting a 30 basis point increase.

Notably, the company's backlog reached an all-time high of $7.8 billion, representing a substantial 24.1% increase from December 2023. This record backlog indicates strong demand for Stantec's services and provides a solid foundation for future growth.

Analysts reacted positively to Stantec's performance, with firms like Stifel GMP reiterating their "buy" rating and raising the price target to C$144.00. Raymond James upgraded Stantec to "Outperform" from "Market Perform," further boosting investor confidence. Analysts praised the company's fundamentals, organic growth prospects, and potential for margin expansion, contributing to the stock's surge.