Churchill Corp Down Nearly 5% as Quarterly Profit Misses Target
Canadian construction company Churchill Corp (CUQ.TO) is down nearly 5% after posting quarterly profit after markets closed yesterday that reportedly missed analysts' estimates, hurt by lower construction activity in the winter, and declared its first common share dividend.
Churchill, which has five subsidiaries providing commercial and industrial construction, industrial insulation and electrical work and maintenance services across western Canada, declared a 12 cents per share dividend, Reuters reported.
Reuters said first-quarter net income was $5.8 million or 24 cents per share, compared with $8.3 million or 45 cents per share, a year earlier.
Contract revenue rose 67% to $304.7 million. Backlog was $1.57 billion as of March 31.
Analysts, on average, expected earnings of 33 cents per share on revenue of $342.6 million, according to Thomson Reuters I/B/E/S.
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