Company News

BUZZ-SNC-Lavalin falls after lowering FY profit forecast for the second time

** Shares of Canadian construction and engineering co down 4.9 pct at C$34.9

** Co cuts FY profit forecast for the second time, citing dispute related to its mining and metallurgy project in Latin America

** Says challenges on project mainly due to unexpected site conditions, environmental and safety measures, underperformance from sub-contractors

** Core earnings in Q4 from mining and metallurgy unit could slip to a loss of up to C$350 mln - SNC Lavalin

** SNC expects 2018 adj profit of C$1.20-C$1.35/shr vs prior outlook of C$2.15-C$2.30/shr

** Canaccord Genuity cuts one-year PT to C$43 from C$44, reiterates ‘buy’ rating

** Including Monday’s losses, shares down ~24 pct this year (Reporting by Shradha Singh in Bengaluru)