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May 14, 2021

SNC-Lavalin reports Q1 profit compared with loss a year ago

SNC-Lavalin has learned its lesson and re-invented itself: Chief integrity officer

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MONTREAL - SNC-Lavalin Group Inc. reported a profit attributable to shareholders of $73 million in its latest quarter compared with a loss of nearly $66 million in the same quarter last year.

Chief executive Ian Edwards says the company had a strong start to the year with a first quarter in line with expectations.

The engineering firm says its profit from continuing operations was $67.7 million or 39 cents per share for the quarter ended March 31 compared with a profit of $950,000 or a penny per share a year earlier.

SNC says the profit included $61 million or 35 cents per diluted share from professional services and project management compared with a profit of $21 million, or 12 cents per diluted share in the same quarter last year.

The company's profit from continuing operations from its capital business was $6.7 million or four cents per diluted share in the first quarter of 2021 compared with a loss of $20 million, or 11 cents per diluted share in the first three months of 2020.

On an adjusted basis, SNC says its profit from its professional services and project management business was 48 cents per share, up from 35 cents per share a year ago.