DAILY NEWS Nov 5, 2012 7:59 PM - 0 comments

SNC-Lavalin results seen as positive

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The Toronto Stock Exchange reacted positively to the third-quarter results announced last week by SNC-Lavalin. The company's shares rose nearly 5% after it reported what Reuters called a "narrower than expected" decline in profits.

For the third quarter ending September 30, 2012, the Montreal-based engineering and construction giant recorded net income of $114.9 million compared to $124.5 million for the same quarter of 2011.

For the nine-month period ended September 30, 2012, net income was $214.5 million compared to $302.8 million for the same period of 2011.

The company's 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.

Revenue backlog remained strong, totaling $9.9 billion at the end of September 2012, compared to $10.1 billion at the end of December 2011.

Cash and cash equivalents were $1.1 billion at September 30, 2012. The board of directors declared a cash dividend of $0.22 per share for the third quarter of 2012.

The company's new chief executive officer Robert Card, who took over in October, said in a press conference that he would be laying out a detailed strategy for the company in time for the next annual meeting in May 2013.

Canada's largest engineering and construction company has been going through troubled times, including being investigated over payments related to a US $1-billion bridge project in Bangladesh.

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