SNC-Lavalin cuts earnings forecast, plans job cuts

Thu Nov 6, 2014 8:02am EST
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Nov 6 (Reuters) - Canadian engineering and construction firm SNC-Lavalin Group Inc cut its full-year earnings forecast as it reported a third-quarter profit on Thursday, citing weakness in its mining business and other challenges, and said it would reduce its workforce by 9 percent over the next 18 months.

The Montreal-based company said it now expected earnings between C$2.15 and C$2.40 a share for 2014, down from its previous forecast of between C$2.80 and C$3.05 a share.

Net income was C$69.0 million, or 45 Canadian cents a share, compared with a net loss of C$72.7 million, or 48 Canadian cents, a year earlier. Revenue edged up to C$2.00 billion from C$1.95 billion. (Editing by W Simon)