UPDATE 1-Engineering firm Arcadis' Q1 core earnings hurt by Brazil recession

jueves 21 de abril de 2016 02:34 GYT
 

* Q1 earnings 46.6 mln euros vs estimates for 50.9 mln euro

* Conditions difficult in North America, emerging markets

* Internal probe in Brazil finds no evidence of wrongdoing (Updates with earnings details, Brazil investigation)

By Toby Sterling

AMSTERDAM, April 21 (Reuters) - Dutch engineering company Arcadis posted a 9 percent fall in first-quarter core earnings to 46.6 million euros ($52.6 million) and warned of continuing difficult business conditions in North America and in emerging markets.

Analysts polled for Reuters had expected the company to make first-quarter earnings before interest, taxes and amortisation (EBITA) of 50.9 million euros.

"The deep recession in Brazil drove revenues lower and impacted our overall results," Chief Executive Neil McArthur said in a statement. "In North America, we saw increased competition with related price pressure, especially in the Environment business."

It warned in February that it expected difficult conditions in North America, which contributes almost half of its revenue.

However, European markets continued to strengthen. It said its 2016 priorities are improving operating earnings and delivering a strong free cash flow, barring unforeseen circumstances.   Continuación...