January 28, 2019 / 3:37 PM / 9 months ago

BUZZ-SNC-Lavalin falls after lowering profit estimates on Saudi challenges

** Canadian construction and engineering co’s shares plunge 23 pct to C$37.30 in early trading

** Co lowers FY 2018 profit estimates, citing problem with a project in its mining and metallurgy unit

** Says experiencing trading challenges in oil & gas in the Middle East and Saudi Arabia; over 15 pct of the co’s global workforce is employed in Saudi Arabia

** Co to take a non-cash goodwill impairment charge of C$1.24 bln, or C$7.06 per share, in the year

** Co expects 2018 adjusted EPS of C$2.15-C$2.30 vs prior outlook of C$3.60-C$3.85

** Including Monday’s losses, shares down ~ 29 pct YTD (Reporting by Shradha Singh in Bengaluru)

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