SNC Lavalin Group Inc., President and CEO Robert G. Card.Graham Hughes/The Canadian Press
SNC-Lavalin Group Inc. reported second- quarter profit that fell short of analysts' estimates, dragged down by losses in the engineering and construction unit.
Net income declined 17 percent to $26.5 million, or 17 cents a share, the Montreal-based company said Thursday in a statement. Analysts had projected earnings of 37 cents a share on average. Revenue rose 33 percent to $2.3 billion, topping the $2.25 billion average forecast.
Chief Executive Officer Robert Card is pressing ahead with plans to eliminate about 9 percent of SNC-Lavalin's workforce by 2016 while integrating last year's $2.1 billion acquisition of Kentz Corp.
SNC rose 1.2 percent to $43.73 at the close in Toronto Wednesday. The stock has declined 1.3 percent this year, compared with a 0.9 percent decline for Canada's benchmark Standard & Poor's/TSX Composite Index.
The company also confirmed its full-year forecast for adjusted earnings per share of $1.80 to $2.10 this year.