SNC-Lavalin doubles quarterly profit as newly acquired firm boosts revenue

MONTREAL – Construction and engineering firm SNC-Lavalin Group Inc. says its quarterly net income more than doubled from a year ago as the recent acquisition of WS Atkins boosted revenue.

The Montreal-based company (TSX:SNC) says its third-quarter profit attributable to shareholders was $103.6 million, or 59 cents per diluted share, compared with $43.3 million, or 29 cents per diluted share a year earlier.

Revenue rose to $2.6 billion, up from nearly $2.2 billion in the third quarter of 2016, with Atkins contributing $805.3 million.

The profit included a net after-tax gain of $26.5 million from the transfer of four capital investments to an affiliate company and a $30-million after-tax hit in acquisition related costs.

SNC says it remains on track to deliver $120 million in savings related to the acquisition of Atkins by the end of 2018.

The company acquired London-based Atkins in April in a friendly takeover valued at $3.6 billion.