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SNC-Lavalin earnings slip, revenues rise

Tags: SNC-Lavalin
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SNC-Lavalin Group Inc.'s (SNC-T) quarterly profit fell slightly from the year-ago period, when it took a one-time gain, but was helped by higher revenues across all its activities, the company said on Friday.

AltaCorp Capital analyst Maxim Sytchev said in a research note that the results were in line with expectations.

"We also believe it's important that investors consider the company's results in relative terms to U.S. peers who have in general disappointed this quarter," he wrote.

SNC-Lavalin's competitors include U.S.-based Jacobs Engineering Group Inc. and Fluor Corp.

Canada's biggest engineering company posted a net income of $125.6 million, or 83 cents a share, in the third quarter, ended Sept. 30. That compared with $128.1 million, or 84 cents a share, a year earlier.

The 2010 quarter included a $19.6 million gain from the sale of an asset. Excluding that gain, earnings rose 15.8 percent in the latest period. Revenue rose 18 percent to $1.78 billion.

The company's revenue backlog at the end of September was $9.4 billion, down from $9.7 billion at the end of December.

"We are pleased with our quarterly results and our revenue backlog, where the services category has reached an all-time high," Chief Executive Pierre Duhaime said in a release.

Duhaime said SNC expects 2011 net income to be in line with 2010, excluding gains associated with the disposal of some assets and investments in 2010.

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