March 12, 2010 / 12:46 PM / 8 years ago

UPDATE 1-Canada's Churchill Q4 net drops 31 pct

* Q4 EPS C$0.44 vs C$0.63 last year

* Contract revenue falls 6 pct

* Expects rev to increase across all segments in 2010

March 12 (Reuters) - Canadian construction company Churchill Corp CUQ.TO posted lower fourth-quarter results, hurt by a drop in contract income, but said it expects revenue to increase across all of its operating segments in 2010.

“Profitability is expected to remain robust and close to recently attained levels,” the company said in a statement.

Churchill said net earnings fell to C$7.7 million, or 44 Canadian cents a share, compared with net earnings of C$11.2 million, or 63 Canadian cents a share, in the year-ago quarter.

The company said contract income fell 11 percent to C$24.7 million. Contract income from its electrical segment fell to C$1.8 million from C$5.4 million.

Quarterly earnings from continuing operations fell to C$8.1 million, or 46 Canadian cents a share.

Contract revenue fell 6 percent to C$173.9 million, reflecting reduced activity level within its electrical contracting segment.

Work in hand — which refers to projects in the next 12 months, with backlog covering longer periods — increased 39 percent from last year and stood at C$784.2 million.

The company ended the quarter with a backlog of C$1.39 billion.

Shares of the Calgary, Alberta-based company closed at C$21.70 Thursday on the Toronto Stock Exchange.

For related alerts, please double click on [ID:nWNAB8745] (Reporting by Isheeta Sanghi in Bangalore; Editing by Ratul Ray Chaudhuri)

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