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SNC-Lavalin Group Slips To Loss In Q3

SNC-Lavalin Group Inc. (SNC.TO) reported a third-quarter net loss attributable to shareholders of C$85.1 million or C$0.48 per share compared to a net income of C$2.76 billion or C$15.70 per diluted share, for the corresponding period in 2019.

The latest-quarter included restructuring costs of C$25.8 million, mainly related to the Resources Services transformation.

The prior year result included a net gain on the disposal of a 10.01% stake of Highway 407 ETR of C$2.59 billion, or C$14.74 per diluted share.

Adjusted net loss from PS&PM was C$58.4 million or C$0.33 per share, compared to adjusted net income from PS&PM of C$165.3 million or C$0.94 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.17 per share. Analysts' estimates typically exclude special items.

Total revenues dropped to C$2.01 billion from C$2.43 billion in the prior year. Analysts expected revenues of C$1.98 billion for the quarter.

The company has declared a cash dividend of C$0.02 per share, unchanged from the previous quarter. The dividend is payable on November 27, 2020 to shareholders of record on November 13, 2020.

The company expects that SNCL Engineering Services revenue for the fourth-quarter should decrease by a low to mid single digit percentage, compared to last year. The company has tightened the outlook for its segment adjusted EBIT as a percentage of revenue to between 8.5% and 9.5% for the same period.

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