Montreal-based engineering, procurement and construction company SNC Lavalin (TSE:SNC) warned on Monday that its profit for 2018 will be even lower that it cautioned last month.
This is due to a problem at an unnamed mining projectin Latin America. SNC said that it had agreed settle the dispute with the client project through an accelerated arbitration process. However, the damage appears to have been done and now the company expects its adjusted diluted earnings per share for 2018 will be between 20 to 35 cents. As a whole, adjusted consolidated diluted earnings per share are expected to range between $1.20 to $1.35.
SNC stock was down about 5% in early Monday trading.