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| SNC-Lavalin announces its results for 3Q and 9M period ended September  SNC Lavalin Group Inc , a Canadian construction and engineering company, announced its results for the third quarter and nine-month period ended September 30, 2012.Third Quarter Results For the third quarter of 2012, net income attributable to SNC-Lavalin shareholders was $114.9 million ($0.76 per share on a diluted basis), compared to $124.5 million ($0.82 per share on a diluted basis) for the comparable quarter of 2011. The net income excluding Infrastructure Concession Investments ("ICI") was $84.0 million, compared to $98.9 million for the third quarter of 2011, mainly reflecting a lower contribution from the Infrastructure & Environment segment, partially offset by higher contributions from the Operations & Maintenance and Mining & Metallurgy segments. The net income from ICI increased to $30.9 million, compared to $25.6 million for the third quarter of 2011, mainly due to higher net income from AltaLink, partially offset by lower net income from Shariket Kahraba Hadjret En Nouss S.p.A. ("SKH"). For the third quarter of 2012, revenues increased by 11.0% to $2.0 billion, mainly due to an increase of 33.4% in the Services category. Year-to-Date Results For the nine-month period ended September 30, 2012, net income attributable to SNC-Lavalin shareholders was $214.5 million ($1.42 per share on a diluted basis), compared to $302.8 million ($1.99 per share on a diluted basis) for the same period of 2011. The net income excluding ICI was $128.0 million, compared to $211.1 million for the first nine months of 2011, mainly reflecting lower contributions from the Infrastructure & Environment, Power and Hydrocarbons & Chemicals segments, partially offset by a higher contribution from the Mining & Metallurgy segment. The net income from ICI decreased to $86.5 million, compared to $91.7 million for the nine-month period ended September 30, 2011, mainly due to lower dividends from Highway 407, as a special dividend of $18.5 million was declared and paid to the Company in the second quarter of 2011, as well as lower net income from SKH, partially offset by higher net income from AltaLink. The Company's financial position remained solid with cash and cash equivalents totalling $1.1 billion as at September 30, 2012. Revenues for the nine-month period ended September 30, 2012, increased by 11.3% to $5.7 billion, compared to $5.1 billion for the same period of 2011, mainly due to an increase of 37.2% in the Services category. Revenue backlog remained strong at $9.9 billion at the end of September 2012, compared to $10.1 billion at the end of December 2011. The Company's return on average shareholders' equity was 14.2% for the 12-month period ended September 30, 2012. 2012 Outlook The Company is maintaining its previously announced 2012 Outlook for which the 2012 net income is expected to be in a range of $325 million to $340 million. write your comments about the article :: © 2012 Construction News :: home page |