SNC-Lavalin Group reports $85.1M loss in third quarter

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.

Lower revenue seen ahead

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.

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.