WorleyParsons’ profit downgrade

The reaction appears, at first, excessive. After WorleyParsons' warning that 2014 net profit, instead of increasing from 2013's $322m as previously advised, would likely fall to between $260m and $300m, the company’s share price plunged 20% to post-GFCs lows of under $16.50. This is not an idle movement from a panicked market. Only a month ago, Worley confirmed that profits were on track and all was well. Management was either being less than forthright then or something dramatic has happened in the past few weeks to alter outcomes. In either case, chasing the stock now is not recommended. The...

The reaction appears, at first, excessive. After WorleyParsons' warning that 2014 net profit, instead of increasing from 2013's $322m as previously advised, would likely fall to between $260m and $300m, the company’s share price plunged 20% to post-GFCs lows of under $16.50.

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