August 6, 2010 / 2:46 PM / 8 years ago

UPDATE 1-SNC-Lavalin profit climbs; raises forecast

* Q2 EPS C$0.64 vs C$0.53 yr-ago, analyst forecast C$0.51

* Revenue down 3 pct at C$1.42 billion

* Revises 2010 profit forecast

OTTAWA, Aug 6 (Reuters) - SNC-Lavalin Group Inc (SNC.TO), Canada’s biggest engineering company, said on Friday its quarterly earnings rose 22 percent, despite a slight dip in revenue, as high-profit projects outpaced work with lower operating income.

Citing the sturdy results, SNC said it now expects 2010 net income to exceed 2009’s. Previously, it said net income would match or exceed last year’s earnings.

“We also continue to expect our 2010 revenues to be higher in the second half of the year compared to the corresponding period in 2009,” Chief Executive Pierre Duhaime said in a statement.

SNC said it earned C$97.7 million ($95.8 million), or 64 Canadian cents a share, in the second quarter, compared with a profit of C$80 million, or 53 Canadian cents a share, in the same period last year.

Revenue fell to C$1.42 billion from C$1.47 billion.

On average, analysts had expected earnings of 51 Canadian cents a share and revenue of C$1.43 billion, according to Thomson Reuters I/B/E/S.

The Montreal-based company said it ended the quarter with a backlog of C$11.38 billion worth of work on hand, up from C$10.8 billion at the same time last year.

Shares of SNC fell 6 Canadian cents to C$47.23 on the Toronto Stock Exchange on Friday morning, after the results were issued.

$1=$1.02 Canadian Reporting by Susan Taylor; editing by Rob Wilson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below