SNC-Lavalin appoints Ian Edwards as CEO, reports Q3 boosted by 407 sale

MONTREAL — SNC-Lavalin Group Inc. has appointed Ian Edwards as its president and chief executive.

Edwards has been serving as SNC-Lavalin’s interim president and chief executive since June.

The appointment came as the construction and engineering firm reported a profit of $2.76 billion or $15.70 per diluted share in its latest quarter, up from a profit of $120.7 million or 69 cents per diluted share a year ago.

The results for the third quarter were boosted by the sale of part of SNC’s stake in the 407 toll highway in Ontario which added $2.6 billion or $14.74 per diluted share.

Revenue for the three-month period ended Sept. 30 totalled $2.43 billion, down from $2.56 billion.

On an adjusted basis, which excluded the 407 sale, SNC said it earned $218.0 million or $1.24 per share in its third quarter, up from an adjusted profit of $168.4 million or 96 cents per share a year ago.

This report by The Canadian Press was first published Oct. 31, 2019.

Companies in this story: (TSX:SNC)

The Canadian Press