Shares of engineering consulting services firm Washington Group International, Inc. (NYSE: WNG) fell Thursday, a day after the firm reported slightly higher quarterly revenue but also a profit that missed Wall Street estimates.
The firm said late Wednesday that first fiscal quarter revenue grew 1.1 percent to $837.4 million from $828.4 million in the same period a year ago. The Boise, Idaho-based company said the loss was primarily due to fewer Iraq reconstruction programs and increased bid and proposal costs.
Net income was down 31 percent to $13 million, or 43 cents a share, from $19 million, or 62 cents a share, a year earlier.
Analysts polled by Thomson Financial expected, on average, first-quarter earnings of 65 cents a share.
Shares of Washington Group fell $4.41, or 6.1 percent, to $68.26 in late morning trading on the New York Stock Exchange.
The company said in a statement it expects approximately two-thirds of its 2007 net income to be generated during the last half of the year.
The firm reaffirmed its full year guidance and set a target for net income at the high end of the range of $80-$90 million, or $2.60-$2.92 per share.