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Economic

SNC-Lavalin swings to $29.1 million profit in Q2 on eight per cent revenue increase

The Canadian Press
SNC-Lavalin swings to $29.1 million profit in Q2 on eight per cent revenue increase

MONTREAL – SNC-Lavalin Group Inc. swung to a profit in its latest quarter on an eight per cent increase in revenues.

The Montreal-based engineering firm says its net income attributable to shareholders from continuing operations was $29.2 million or 17 cents per diluted share.

That’s up from a loss of $25.3 million or 14 cents per share a year earlier.

Adjusted profit from professional services and project management was $53.8 million or 31 cents per share, up from $21.7 million or 12 cents per share in the second quarter of 2020.

Revenues for the three months ended June 30 were nearly $1.8 billion, compared with $1.66 billion in the prior year quarter.

SNC-Lavalin was expected to earn 37 cents per share in adjusted profits and 15 cents per share in net profits on $1.78 billion of revenues, according to financial data firm Refinitiv.

`”SNCL engineering services delivered robust second quarter performance led by strong profitability within our three segments,” CEO Ian Edwards said, adding its backlog of troubled legacy lump-sum turnkey contracts continues to decrease.

“We are also pleased to have recently closed the sale of a substantial portion of our resources oil and gas business, which represents an important strategic milestone for the company.”

© 2021 The Canadian Press

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