SNC-Lavalin increases net income but has lower revenues for first quarter of 2009

On May 7, SNC-Lavalin announced its first quarter results for 2009. Highlights were an increase in net income to $77.5 million from $70.8 million for the first quarter last year. The result translated into $0.51 per share on a diluted basis for 2009, compared to $0.47 per share on a diluted basis for 2008.

The company’s revenues for the first quarter of 2009 were lower, at $1.6 billion, compared to $1.8 billion for the same period in 2008.

The total backlog for all sectors of the company’s activities was $9.0 billion compared to $9.6 billion at the end of December 2008.

The board of directors declared a cash dividend of $0.15 per share for the first quarter of 2009.

At the annual meeting, Jacques Lamarre, president and chief executive officer handed over to his successor, Pierre Duhaime.

The Montreal-based engineering and construction company currently has projects in 100 countries.