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SNC-Lavalin sees first-quarter profit compared with loss a year ago

A man walks past the headquarters of SNC Lavalin Thursday, November 6, 2014 in Montreal. THE CANADIAN PRESS/Paul Chiasson

SNC-Lavalin Group Inc. reported a profit attributable to shareholders of $73 million in its latest quarter compared with a loss of nearly $66 million in the same quarter last year.

Chief executive Ian Edwards says the company had a strong start to the year with a first quarter in line with expectations.

The engineering firm says its profit from continuing operations was $67.7 million or 39 cents per share for the quarter ended March 31 compared with a profit of $950,000 or a penny per share a year earlier.

READ MORE: SNC-Lavalin gets first U.S. contract for hydroelectric engineering services

SNC says the profit included $61 million or 35 cents per diluted share from professional services and project management compared with a profit of $21 million, or 12 cents per diluted share in the same quarter last year.

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The company’s profit from continuing operations from its capital business was $6.7 million or four cents per diluted share in the first quarter of 2021 compared with a loss of $20 million, or 11 cents per diluted share in the first three months of 2020.

On an adjusted basis, SNC says its profit from its professional services and project management business was 48 cents per share, up from 35 cents per share a year ago.

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