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.”
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