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SNC-Lavalin reports $85.1 million Q3 loss, revenue down from a year ago

The SNC-Lavalin headquarters is seen in Montreal on Tuesday, Feb. 12, 2019.
The SNC-Lavalin headquarters is seen in Montreal on Tuesday, Feb. 12, 2019. Paul Chiasson/The Canadian Press

SNC-Lavalin Group Inc. reported a loss of $85.1 million in its latest quarter compared with profit of $2.76 billion a year ago when its results were boosted by the sale of a 10.01 per cent stake in Highway 407 ETR.

The company says the loss amounted to 48 cents per diluted share for the quarter ended Sept. 30 compared with a profit of of $15.70 per diluted share a year ago.

The results last year included a net gain of $2.59 billion or $14.74 per diluted share from the sale of the stake in Highway 407 ETR.

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On an adjusted basis, SNC says it lost 19 cents per diluted share for the quarter compared with an adjusted profit of $1.24 per diluted share a year ago.

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Revenue for the quarter totalled $2.01 billion, down from $2.43 billion in the same quarter last year.

In its outlook, SNC says it expects — assuming no significant deviation from the current COVID-19 situation — that engineering services revenue for the fourth quarter will be down by a low- to mid-single digit percentage compared with the fourth quarter of last year.

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