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SNC Lavalin Group Inc Lowers FY 2013 Net Income Guidance

Tuesday, 15 Oct 2013 09:10pm EDT 

SNC Lavalin Group Inc announced that it has revised its outlook for fiscal 2013. Following its most recent extensive evaluation and analysis of its project portfolio, the Company has recorded, in the third quarter, unfavourable cost reforecasts on certain unprofitable legacy fixed price contracts in North Africa and in the Infrastructure & Environment segment, particularly in the hospital and road sectors. In addition, as a result of recent decisions and actions taken in connection with the implementation of the previously announced European reorganization, the Company anticipates that its outlook for Fiscal 2013 will be impacted by an additional charge of approximately $75 million. The revised outlook for Fiscal 2013 also reflects the impact of further softness in the commodity markets on the Company's Mining & Metallurgy segment. Accordingly, the Company now expects consolidated net income in fiscal 2013 to be in the range of $10 million to $50 million, as compared to the previous guided range of $220 million to $235 million. This revised outlook takes into account the expected proceeds from the previously announced sale of 66% of its minority interest in the Astoria II power plant. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report net income of $227 million for fiscal 2013. 

Company Quote

-0.91 -1.80%
10 Sep 2014