SNC-Lavalin announces encouraging Q2 earnings
By Mike Hayes08 August 2016
Montreal-based engineering and construction firm SNC-Lavalin has reported income of CAN$ 88.5 million in its second quarter report for this year.
While the company’s revenues for the quarter were down 7% on the same period in 2015, the gross margin rose by 13%, and the reported net income attributable to its shareholders rose by 230%.
SNC-Lavalin announced a revenue backlog of CAN$ 12.5 billion as at June 30 this year, with bookings in the second quarter standing at CAN$ 1.2 billion.
In its report, the company said it expected its oil & gas and its power segments to be the main contributors to its net income, with mining and metallurgy providing the least net income.
The report went on to say that it expected infrastructure and construction to return to full year profitability in 2016.
Neil Bruce, SNC-Lavalin’s President and CEO, said, “We are pleased with our results in the second quarter as we continue to drive consistency throughout our organization. Our efforts in delivering consistent execution continue to drive financial performance and sustained earnings improvements across the Company.”
He added, “Looking ahead, we see many opportunities across all our sectors, particularly in Infrastructure, Power and Oil & Gas.”