![\"\"](\"http:\/\/aboriginalbusinessmagazine.com\/wp-content\/uploads\/2019\/02\/SNC-Lavalin-CEO-Neil-Bruce.jpg\")
<\/a>SNC-Lavalin CEO Neil Bruce<\/p><\/div>\n
“Frankly, they don’t deserve it. And we’ve had enough,” chief executive Neil Bruce said Friday after slashing the company’s dividend and reporting its biggest quarterly losses in at least two decades.<\/p>\n
The beleaguered engineering and construction giant has been in the eye of a firestorm that erupted earlier this month when the Globe and Mail reported the Prime Minister’s Office pressured former attorney general Jody Wilson-Raybould to steer prosecutors toward negotiations with the company.<\/p>\n
The company was looking to negotiate a deferred prosecution agreement in connection with fraud and bribery charges linked to business dealings with Moammar Gadhafi’s now-toppled regime in Libya.<\/p>\n
Bruce said he wasn’t holding out much hope for a remediation agreement, which would allow SNC-Lavalin to avoid a criminal trial in exchange for fines and other penalties.<\/p>\n
“That’s certainly at their discretion,” he said. “But frankly, it doesn’t look like that today.”<\/p>\n
SNC-Lavalin chopped its dividend by 65 per cent Friday as it reported a fourth-quarter loss of $1.6 billion.<\/p>\n
It will now pay a quarterly dividend of 10 cents per share compared with its earlier payment of 28.7 cents per share.<\/p>\n
Bruce said problems at a mining project in Chile were “incredibly disappointing,” noting the company’s mining and metallurgy and oil and gas segments had underperformed, prompting a pair of profit warnings earlier this year.<\/p>\n
Ongoing diplomatic tensions between Canada and Saudi Arabia have jeopardized future contracts in the Middle Eastern kingdom, Bruce said last month after announcing a $1.24-billion impairment charge related to SNC-Lavalin’s oil and gas business.<\/p>\n
The Jan. 28 announcement, combined with news about delays at the Chilean mining project and an arbitration loss in Australia, sent shares plummeting 27 per cent to close at $35.01, their lowest since September 2012.<\/p>\n
Analyst Derek Spronck of RBC Dominion Securities advised investors to “keep calm and carry on.”<\/p>\n
“There remain lots of challenges ahead for SNC, but none of which we would view as insurmountable and more than reflected in the current share price,” he said in a research note Friday.<\/p>\n
A criminal case could result in a ban of up to 10 years on bidding on federal contracts.<\/p>\n
Bruce noted that until a conviction comes down, the company faces no bidding restrictions in Canada.<\/p>\n
“Basically, they don’t penalize you until you’re found guilty.”<\/p>\n
“This overhang continues to be there,” he added, “and competitors in the U.S….use that against us.”<\/p>\n
Analysts pointed to a potential sale of some of the company’s\u00a016.77 per cent stake in Ontario’s 407 ETR highway in 2019. The company has been mulling a partial sale for at least six months, which would hand it a slice of the $2.2 billion some analysts say the stake is worth.<\/p>\n
The Montreal-based company’s loss for its fourth quarter amounted to $9.11 per diluted share. That compared with a profit of $52.4 million or 30 cents per diluted share in the fourth quarter of 2017.<\/p>\n
Revenue totalled $2.56 billion, down from $2.92 billion.<\/p>\n
On an adjusted basis, SNC reported a loss of $1.31 per diluted share compared with an adjusted profit of 98 cents per diluted share a year ago.<\/p>\n
Analysts on average had expected a loss of $1.19 per diluted share, according to Thomson Reuters Eikon.<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
MONTREAL- Amid an ongoing scandal that has rocked the Liberal government in Ottawa, the head of SNC-Lavalin Group Inc. said he’s tired of seeing his employees “used as a puck in a political hockey game.” “Frankly, they don’t deserve it. And we’ve had enough,” chief executive Neil Bruce said Friday after slashing the company’s dividend …<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":""},"categories":[32,39],"tags":[],"yoast_head":"\n
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