SNC-Lavalin cuts 2016 profit, citing Middle East projects

MONTREAL — SNC-Lavalin Group Inc. is lowering its profit expectations for this year, saying two oil and gas projects in the Middle East have under performed in the third quarter. The Montreal-based company says it now estimates between $1.30 and $1.60 of adjusted earnings per share from its engineering and construction business in fiscal 2016 — down about nine per cent at the midpoint. The previous estimates were between $1.50 and $1.70 per share after adjustments.