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SNC-Lavalin Reports $54 Million Net Loss, Launches Strategic Review

SNC-Lavalin Group (SNC) says it is undertaking a strategic review of its business after the Montreal-based engineering firm reported a fourth quarter net loss of $54.4 million.

The company’s latest loss was 256% greater than a loss of $15.3 million reported in the final quarter of 2021.

SNC-Lavalin blamed the hefty loss on challenges it experienced with turnkey engineering and construction projects and said it is conducting a strategic review to help optimize its business.

In speaking with analysts and media, SNC-Lavalin executives said they also continue to work through issues such as supply chain disruptions and cost overruns due to inflation.

In terms of revenue, SNC-Lavalin earned $1.90 billion in the three months ended December 31, 2022, down 2% from $1.94 billion a year earlier.

SNC's engineering segment boosted its backlog of contracts to a record of $4.66 billion during Q4. However, the company’s professional services and project management operations posted a loss of $0.19 per share compared with a loss of $0.15 per share a year earlier.

SNC-Lavalin’s stock has increased 5% over the past year to trade at $29.39 per share.