Company News Round-Up: SNC-Lavalin results, MMM buys aviation specialists
SNC-Lavalin announced its financial results for the first six months of the year on August 8. The year-to-date results included net income attributable to SNC-Lavalin shareholders of $126.7 million ($0.83 per share), compared to $15.9 million...
SNC-Lavalin announced its financial results for the first six months of the year on August 8. The year-to-date results included net income attributable to SNC-Lavalin shareholders of $126.7 million ($0.83 per share), compared to $15.9 million ($0.11 per share) for the same period of 2013.
There was a net loss from engineering and construction (E&C) of $16.1 million compared to a net loss of $86.1 million for the first six months of 2013.
Revenues for the first six months of 2014 were $3.4 billion, compared to $3.8 billion for the same period in 2013.
The results included $25.9 million of expenses related to the proposed $2.1-billion acquisition of Kentz Corp.
Robert G. Card, president and chief executive officer, said: “As we move toward closing each of our announced transactions, we are continuing to focus on our backlog, organizational structure and costs. We have recently been awarded higher quality projects and we have made significant progress on further reducing our SG&A expenses. There is still, however, a fair amount of headwind on our legacy projects, as these have not yet been completed, and there is more that we can do to reduce costs in our structure. We continue our efforts to build greater synergies and enhance efficiencies within our organization, and with the proposed acquisition of Kentz, we are optimistic that our long-term E&C performance is on track to improve.”
For the full company announcement, click here.
MMM Group of Toronto has acquired LPS AVIA Consulting, a firm specializing in aviation projects that is based in Ottawa. LPS AVIA has a team of around 19 people and has worked for more than two decades on airport and aviation projects, with a focus on the circumpolar region. Hugo Blasutto, chief executive officer of MMM Group, said: “LPS AVIA’s location, expertise and strong portfolio expand and enhance MMM’s aviation offerings.” The company notes the acquisition comes at a time when air transport entities face an unprecedented level of pressure to be more efficient and competitive.
SNC-Lavalin has won a five-year contract with Infrastructure Ontario to deliver $450 million worth of capital, repair and leasehold improvement projects on properties in Toronto’s downtown core and in the northern part of the province. Individual projects are expected to range in value from $100,000 to $10 million. The company has been providing facility (operations and maintenance) and project management services to the Ontario government for 15 years.