Willbros whacked 45% after big Q3 loss, weaker backlog

|About: Willbros Group, Inc. (WG)|By:, SA News Editor

Willbros (WG -45.7%) tanks to a more than two-year low after reporting a much worse than expected Q3 loss despite an above consensus rise in revenue.

WG says it had a total backlog of $741M at the end of Q3, lower than the $808M backlog at the end of Q2, while its 12-month backlog of $544M at the end of the quarter was only slightly below the $547M at the end of Q2; the company cites the expiration of existing multi-year MSA contracts as the reason for much of the decline.

WG reaffirms FY 2017 revenue guidance of $850M-$900M vs. $874M analyst estimate, but issues a below consensus outlook for FY 2018, seeing revenues of $750M-$825M vs. $914M analyst estimate.