SNC-Lavalin posts bigger net profit, outlines share buyback
TORONTO May 7 (Reuters) - SNC-Lavalin Group outlined plans to buy back a large chunk of its shares on Thursday, after reporting a much bigger quarterly net profit, driven by gains from acquisitions and favorable currency moves.
The Montreal-based engineering and construction firm also said it continuing to move forward in a deliberate manner on the sale of its stake in Highway 407 in Canada and that it has hired financial advisors to assist with the process.
SNC said its net income rose to C$104.4 million, or 68 Canadian cents a share, from C$94.6 million, or 62 Canadian cents, a year earlier.
Excluding one-time items related to a foreign exchange gain, acquisition-related costs and other items, the company posted a profit of C$94.2 million, or 62 Canadian cents a share.
Revenue rose more than 30 percent to C$2.26 billion, boosted by SNC's acquisition of engineering group Kentz Corp last year.
The company outlined plans to buy back up to 13.3 million shares, or about 10 percent of its free float. SNC has roughly 152.1 million shares issued and outstanding, and its free float stands at about 133.1 million shares. (Reporting by Euan Rocha and Allison Martell; Editing by Chizu Nomiyama)
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