Dive summary:
- As reports for the April-June quarter came out, several publicly traded engineering and consatruction companies got low grades from stock analysts, who blamed problem projects for trimming earnings.
- KBR, SNC-Lavalin and McDermott International all were hit by delays or changes in projects, and Jacobs Engineering Group got panned because of expected government spending cutbacks even though it reported an 11% rise in quarterly earnings over a year ago.
- An analyst at Dundee Capital Markets said that AECOM and URS Corp. cut their earnings projects for the year even though they did what was expected in the quarter.
From the article:
Contractor McDermott International (NYSE:MDR) noted a $63-million loss in its third quarter due to charges on a fabrication job in Louisiana. ...
