Wood Group Says Engineering Profit To Drop In 2014

Reuters

LONDON, Dec 12 (Reuters) - British energy services company Wood Group said on Thursday it expected to meet forecasts for 2013 growth, but warned that profits from its engineering division would be down by between 10 and 15 percent next year due to continuing weakness in Canada.

The company said the weaker performance in engineering, which accounts for about half the company's profits, should be offset by strong results from its services division Wood Group PSN.

The company also said it expected 2013 core profit (EBITA) from its gas turbine division, GTS, will be lower than the previous year.

A Thomson Reuters I/B/E/S poll of analysts had found average estimates for 2013 pretax profit of $457 million on revenue of $7.2 billion.

Wood Group in August lowered its 2013 core profit, or earnings before interest, tax and amortisation (EBITA), guidance for its engineering division to growth of between 10 and 15 percent, from 15 percent, on the back of weakness in Canada's tar sands market.

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