Willbros Group Q2 Net Loss Widens

(RTTNews) - Willbros Group, Inc. (WG) reported a net loss for the second quarter of $18.9 million or $0.32 per share, on revenue of $286.9 million, compared to a net loss of $15.5 million or $0.32 per share, on revenue of $539.8 million in the second quarter of 2014.

The company's second quarter of 2015 operating results include a $2.2 million loss on the sale of its Downstream Professional Services subsidiary and $4.7 million in other charges mainly related to equipment and facility lease abandonment charges and employee severance expenses.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share on revenue of $339.22 million for the second quarter. Analysts' estimates typically exclude special items.

The company lowered its 2015 revenue outlook to a range of $1.2 billion to $1.3 billion from its prior outlook of $1.3 billion to $1.5 billion. Analysts currently expect the company to post revenue of $1.38 billion for the full year 2015.