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SNC-Lavalin doubles quarterly profit as newly acquired firm boosts revenue

The offices of SNC Lavalin are seen in Montreal on Monday, March 26, 2012. T Construction and engineering firm SNC-Lavalin Group Inc. says its quarterly net income more than doubled from a year ago as the recent acquisition of WS Atkins boosted revenue. THE CANADIAN PRESS/Ryan Remiorz
November 02, 2017 - 6:12 AM

MONTREAL - Construction and engineering firm SNC-Lavalin Group Inc. says its quarterly net income more than doubled from a year ago as the recent acquisition of WS Atkins boosted revenue.

The Montreal-based company (TSX:SNC) says its third-quarter profit attributable to shareholders was $103.6 million, or 59 cents per diluted share, compared with $43.3 million, or 29 cents per diluted share a year earlier.

Revenue rose to $2.6 billion, up from nearly $2.2 billion in the third quarter of 2016, with Atkins contributing $805.3 million.

The profit included a net after-tax gain of $26.5 million from the transfer of four capital investments to an affiliate company and a $30-million after-tax hit in acquisition related costs.

SNC says it remains on track to deliver $120 million in savings related to the acquisition of Atkins by the end of 2018.

The company acquired London-based Atkins in April in a friendly takeover valued at $3.6 billion.

News from © The Canadian Press, 2017
The Canadian Press

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