Willbros posts 4Q loss as revenue tumbles

Willbros Group Inc., an engineering and construction company, reported Thursday a narrower fourth-quarter loss as it cut costs as its revenue fell by more than half.

The loss was still larger than analysts expected, and its shares tumbled $1.75, or 11.6 percent, to $13.28 in midday trading.

Willbros, which provides engineering and construction services to energy and petrochemical companies, has struggled as customers have canceled and delayed big spending projects.

The company said conditions remain challenging, with uncertain timing of capital projects at oil and gas customers.

In a separate announcement, Willbros said Thursday it agreed to buy energy-transmission provider InfrastruX Group of Seattle for about $480 million in cash and stock.

The Houston company said buying InfrastruX would give it a more strength in the fast-growing market for electric transmission and distribution.

In its earnings announcement, Willbros said it lost $8.2 million, or 21 cents per share, compared with a loss of $15.6 million, or 41 cents per share, a year ago.

Revenue fell to $193.9 million from $462.7 million, but the company slashed costs even more sharply.

Analysts surveyed by Thomson Reuters had expected the company to lose 15 cents per share on lowere revenue of $174.4 million.

For the full year, Willbros earned $17.8 million, or 46 cents per share, on revenue of $1.26 billion, compared with a profit of $43.6 million, or $1.12 per share, on revenue of $1.91 billion in 2008.