SNC-Lavalin sets out hopes for 2015
SNC-Lavalin released its 2014 year-end results on March 5. For the year ended December 31, 2014, the Montreal-based company reported net income attributable to SNC-Lavalin shareholders of $1,333.3 million ($8.74 per share on a diluted basis), compared to $35.8 million ($0.24 per share on a diluted basis) for the same period of 2013.
Robert G. Card, president and chief executive officer of SNC-Lavalin Group, said in a statement: “This was a year of significant change at SNC-Lavalin as we took action to focus the company and expand our E&C platform through deeper oil and gas capabilities which, along with our power segment, are expected to continue to drive E&C net income improvements in 2015.”
Card said the integration with Kentz (a global mostly oil and gas company of over 15,000 employees that SNC-Lavalin acquired last August) had gone well.
Looking forward, SNC-Lavalin is continuing to align its expertise and internal resources with the markets it sees as most promising, said Card. He continued: “And as we continue to implement our restructuring plans, I want to personally thank all of our SNC-Lavalin employees for their hard work and diligence. With more flexible and agile operations, we believe that we are well placed to improve our competitive positioning and deliver even better services to clients, long-term value for our stakeholders and opportunities for our team.”
Card said: “We have a strong financial position and backlog, and we remain optimistic about our long-term E&C [engineering and construction] operational performance. While we believe market conditions will be challenging in 2015, we will continue to execute on our focused strategy and to advance our plan to become a global Tier-1 E&C firm.”
The company’s reported IFRS EPS for 2015 is expected to be in the range of $1.60 to $1.90.
The 2015 outlook “is principally based on the expectation that the oil and gas sub-segment and the power segment, mainly due to the acquisition of Kentz and based on their current backlog, will be the main contributors to net income, while the infrastructure and construction, and environment and water sub-segments will continue to face challenges throughout 2015.”
To see the full press release, including 2014 fourth quarter results, click here.