Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

Business / Technology


Our network sites seattletimes.com | Advanced

Originally published Tuesday, May 11, 2010 at 10:58 AM

Comments (0)     E-mail E-mail article      Print Print      Share Share

Willbros posts 1Q loss, sharp revenue decline

Shares of Willbros Group Inc. rose after the engineering and construction company posted better-than-expected results, even though the company moved to a loss as revenue declined sharply.

The Associated Press

HOUSTON —

Shares of Willbros Group Inc. rose after the engineering and construction company posted better-than-expected results, even though the company moved to a loss as revenue declined sharply.

The company said Monday it posted a net loss of $13.3 million, or 34 cents per share, down from a profit of $15.5 million, or 39 cents per share, in the same period a year earlier. The latest quarter's loss from continuing operations was 33 cents per share.

Revenue dropped to $137 million from $463.9 million.

Analysts, on average, were expecting a loss of 14 cents per share on revenue of $202.9 million, according to a poll by Thomson Reuters.

"Our first-quarter results were impacted by expected low levels of activity in both U.S. and Canada pipeline construction and continued margin pressure in our Downstream segment," said Randy Harl, president and CEO, in a statement.

The company expects earnings of 35 cents to 45 cents per share for 2010, below its earlier outlook of 40 cents to 50 cents per share to reflect the costs associated with its acquisition of InfrastruX Group of Seattle.

Analysts are expecting a profit of 34 cents per share for the year.

Shares rose 93 cents, or 8.2 percent, to $12.25 in afternoon trading. The stock has traded in the 52-week range of $10.70 and $18.51.

E-mail E-mail article      Print Print      Share Share

More Business & Technology

UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case

UPDATE - 09:32 AM
Bank stocks push indexes higher; oil prices dip

UPDATE - 08:04 AM
Ford CEO Mulally gets $56.5M in stock award

UPDATE - 07:54 AM
Underwater mortgages rise as home prices fall

NEW - 09:43 AM
Warner Bros. to offer movie rentals on Facebook

More Business & Technology headlines...

Comments
No comments have been posted to this article.

advertising


Get home delivery today!

Video

Advertising

AP Video

Entertainment | Top Video | World | Offbeat Video | Sci-Tech

Marketplace

Advertising