The Churchill Corp. (CUQ.TO) reported a fourth-quarter net loss of C$62.6 million or C$2.56 per share, compared to profit of C$7.3 million or C$0.27 per share last year. The company noted that its fourth-quarter loss was driven by the non-cash goodwill, equipment and intangible impairment charge.
Contract revenue decreased to C$289.9 million from C$384.3 million last year. Revenue declined in the General Contracting, Commercial Systems and Industrial Services operating segments by 36%, 12%, and 12% respectively, primarily as a result of being in the early stages of construction on new projects and delays in executing backlog.
On average, six analysts polled by Thomson Reuters expected the company to report profit per share of C$0.02 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of C$291.63 million for the quarter.
EBITDA was C$9.0 million, compared to C$19.6 million prior year. The company said the decrease in EBITDA resulted primarily from lower margins and project execution challenges. The company declared a quarterly dividend of C$0.12 per share.
The company reiterated its 2013 EBITDA guidance range of between C$45 million and C$55 million. The company also reiterated its first-quarter net earnings expectation of breakeven to a modest loss driven by normal seasonal factors in Churchill's earthmoving business, as well as a ramp-up of new building construction projects during the quarter.
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