SNC-Lavalin Group Inc. (SNC.TO,SNCAF.PK) a provider of engineering and construction services, Friday reported a rise in the fourth quarter profit on the back of higher net income from Infrastructure Concession Investments or ICI. The firm further provided profit outlook for 2013.
For the period, the company said net income excluding ICI fell to C$24.25 million from C$36.49 million a year back. SNC-Lavalin said higher selling, general and administrative expenses in particular ate into the bottom line.
Net income from ICI stood at C$70.38 million, up from C$39.49 million a year ago. The company attributed the rise to higher dividends received from Highway 407. Thus net income attributable to shareholders rose to C$94.63 million from C$75.98 million a year earlier.
On a per share basis, earnings for the period totaled C$0.63 versus C$0.50 last year.
Revenue for the quarter witnessed an increase to C$2.421 billion from C$2.118 billion last year, owing to a 15.8 percent rise in the Services segment and 21.7 percent growth in the Packages segment. Revenue from ICI too increased to C$196.2 million from C$155.85 million a year earlier. Consensus estimate for revenue was C$2.17 billion.
The company further announced a dividend of C$0.23 per share, payable on April 5, to shareholders of record on March 22.
Looking ahead, SNC-Lavalin said it expects an annual growth in net income between 10 and 15 percent in 2013 compared to the corresponding period last year. Street is currently looking for earnings per share of C$2.84 for the full fiscal year.
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