Willbros Group Inc. reported a narrower fourth-quarter loss. Willbros Group Inc. trades on the “New York Stock Exchange” under the stock symbol “WG”. For the Latest information regarding “WG”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Willbros Group Inc.,(NYSE:WG) 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.
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