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UPDATE 1-Canada's SNC-Lavalin posts better-than-expected profit

Published 2016-03-03, 08:59 a/m
© Reuters. UPDATE 1-Canada's SNC-Lavalin posts better-than-expected profit
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March 3 (Reuters) - Canada's SNC-Lavalin Group Inc SNC.TO
posted a better-than-expected adjusted profit for the fourth
quarter and said profit at its core engineering and construction
business in 2016 would be higher than in 2015.
SNC's chief executive, Neil Bruce, had said in November he
expects "flattish" revenues next year, as the company prepared
to cut costs to help hit 2017 margin targets in a weaker
economy.
Bruce, who succeeded Robert Card in October, had at the time
also announced a sweeping cost-cutting program to help it
deliver an annualized EBITDA margin of 7 percent in its energy
and construction business.
Adjusted profit at the business rose to 44 Canadian cents
per share in the three months ended Dec. 31, from 15 Canadian
cents per share a year earlier. The business accounted for 65
percent of SNC's total adjusted profit.
The company said it expected adjusted earnings from the
business to rise to C$1.50-C$1.70 per share this year from
C$1.34 in 2015.
SNC also raised its quarterly dividend by 1 Canadian cent to
26 Canadian cents per share.
Net income attributable to SNC was C$49.2 million ($36.7
million), or 33 Canadian cents per share, in the fourth quarter.
It earned C$1.15 billion, or C$7.51 per share, in the
year-ago quarter, which included a C$1.32 billion gain on the
sale of its interest in electricity transmission company
AltaLink.
Excluding items, SNC earned 67 Canadian cents per share in
the latest quarter, beating the average analyst estimate of 42
Canadian cents, according to Thomson Reuters I/B/E/S.
Montreal, Quebec-based SNC's revenue fell 6 percent to
C$2.65 billion.
($1 = C$1.34)

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