SNC Lavalin profit declines less than expected, shares up

Canadian construction and engineering company SNC Lavalin Group Inc (SNC.TO: Quote), under investigations for alleged bribery, reported on Friday a narrower-than-expected 8 percent decline in third-quarter profit, and its shares rose more than 4 percent.

One of the world's largest engineering operations, the company maintained its forecast for full-year earnings after cutting it last quarter.

"We are quite encouraged and relieved," said Frederic Bastien, an analyst with Raymond James based in Vancouver. "The fact that they are reaffirming their guidance for the year implies a good quarter for the fourth quarter."

The results were welcomed by SNC shareholders, who in the past year have contended with the resignation of the company's chief executive. The company has accused Pierre Duhaime of authorizing $56 million in payments to agents on nonexistent construction projects. Canadian police are investigating.

Read Full Article from Reuters Canada

- Posted: 2012-11-02 15:31:10

More Stock Investor Place Company News

Alibaba's Jack Ma Is Moving On, With an IPO Looming Pfizer’s Possible Unit Shuffle Triggers Breakup Concern Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down Dell Shares Surge After Report of Possible Buyout ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Stock Investor Place Company News Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008