October 11, 2012 / 3:38 PM / 6 years ago

Churchill Corp shares fall on weak EBITDA outlook

(Reuters) - Shares of Churchill Corp CUQ.TO fell 7 percent after the construction company forecast lower-than-expected full-year earnings before interest, taxes, depreciation and amortization (EBITDA).

The company on Wednesday said it expects full-year 2012 EBITDA to be between C$37 million and C$42 million, compared with analysts’ expectation of C$49.3 million, according to Thomson Reuters I/B/E/S.

Churchill Corp, however, said third-quarter results are expected to be profitable.

The company also said it slashed its corporate workforce by a fifth last month.

Shares of Churchill Corp, which has a market value of C$213.6 million, were down 5 percent at C$8.32 in early-morning trade on Thursday on the Toronto Stock Exchange.

Reporting by Shounak Dasgupta in Bangalore

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