SNC-Lavalin Group Inc. SNC-T is reporting a net loss of $52.9-million in its fourth quarter after it was battered by the COVID-19 pandemic, supply-chain disruptions and inflation.
The loss, which came despite a $93-million win in an arbitration decision, compared with a net loss $702.7-million in the same period a year earlier.
The engineering firm says revenue totalled $1.94-billion in the quarter ended Dec. 31, up from nearly $1.70-billion the year before.
On an adjusted basis, the company’s net loss from professional services and project management, which represent the vast majority of SNC-Lavalin’s activities, came in at 15 cents per diluted share compared with a loss of $1.53 per diluted share in the fourth quarter of 2020.
SNC-Lavalin CEO Ian Edwards says the pandemic fallout stalled progress on multiple fixed-price projects late last year, with employee absentee rates nearing 50 per cent on some work sites at times.
Despite supply-chain problems and rising costs owing to inflation, the Montreal-based company is forecasting organic revenue growth in its services segment of 4 to 6 per cent this year, in line with its 2022 to 2024 targets.
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