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SNC Lavalin Group Inc Lowers FY 2012 Net Income Guidance

Friday, 3 Aug 2012 08:30am EDT 

SNC Lavalin Group Inc announced that it is revising previously announced fiscal 2012 outlook for which the expected fiscal 2012 net income was to be in line with fiscal 2011 net income. Principally as a result of the unfavourable cost reforecasts of approximately $50 million identified as part of ongoing project reviews and recorded in the second quarter of 2012 on two fixed-price projects, one in the Power segment and one in the Hydrocarbons & Chemicals segment, the fiscal 2012 net income is currently expected to be in a range of $325-$340 million. The Company reported net income of $378.8 million in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report net income of $398 million for fiscal 2012. 

Company Quote

-0.06 -0.13%
17 Apr 2014