“As a result of the charge in Industrial, Infrastructure & Power, and, to a lesser extent the wind down of the VC Summer Nuclear Station project, the company is revising its 2017 guidance for EPS to a range of $1.40 to $1.70 per diluted share, from the previous range of $2.25 to $2.75 per diluted share,” the company said in its second quarter earnings statement.
The company posted a net loss of US$24mln, compared to a profit in the same period in 2016 of US$102mln, after the company took a US$124mln charge for estimated cost increases on gas-fired power projects.
The shares lost around one-eighth of their value in screen-based trading.
Stock in media company Viacom Inc (NASDAQ:VIAB) was also getting it in the neck after its earnings update.
The shares shed more than 9% as the MTV channel owner revealed in an analysts conference call that it expected revenues from channel affiliates to dip in the current quarter.
The outlook overshadowed a decent set of results for the quarter just ended – the third of Viacom's financial year.
Domestic affiliate revenues increased 4% year-on-year to US$1.01bn, while advertising revenues rose 2% to US$1.24bn.
Adjusted net earnings from continuing operations attributable to Viacom grew 12%, or US$52mln, to US$471mln, driven by the increase in tax-effected adjusted operating income.
There was some better news from the Western Union Company (NYSE:WU), the money transfer and payments company.
Second quarter earnings were ahead of expectations, while sales were in line.
Adjusted earning per share (EPS), which strips out one-off items, rose to 50 US cents from 44 US cents a year earlier, topping analysts' forecast by five US cents.
Revenue was more or less unchanged at US$1.4bn.
The wearable video camera maker's loss of 22 US cents a share was an improvement on last year's loss of 66 US cents a share, while the figure improved even more after stripping out one-offs, to a loss of 9 US cents a share. Analysts had expected a loss of 25 US cents a share.
The fading tech darling dangled the prospect of returning to profit in the current quarter, saying its earnings per share could be anything from minus six US cents to plus five US cents a share on revenue of somewhere between US$290mln and US$310mln.
The market consensus estimate for the current quarter is for a loss of 12 US cents a share on revenue of US$278.5mln.