Some large, publicly owned firms reported good news in their recent third-quarter results, but staff and cost cuts are also a part of the picture.
Canada-based SNC-Lavalin announced on Nov. 6 much improved quarter revenue and earnings results from the same period in 2013, reporting a $61-million profit compared to a $64- million loss. But CEO Robert Card also said the firm would cut about 9% of its 45,000 global staff in the next 18 months, at an estimated cost of about $177 million. Most cuts would be outside Canada, the firm said. Canadian media also reported on Nov. 8 the firm's loss in a competitive rebid of a multi-year contract, possibly worth up to $22 billion, to manage about 4,000 federal buildings in Canada.