WorleyParsons shares slide 10% on lowered forecast

WorleyParsons shares slide 10% on lowered forecast

Shares in engineering services company WorleyParsons (ASX:WOR) have slumped 10% since the company lowered its 2010 profit guidance by around $40 million.

WorleyParsons announced it expects to record an FY10 profit of between $280 million and $320 million – compared to its previous guidance of $320 million to $335 million.

Decreased profit expectations from the company’s power business due to a lack of certainty over governments’ carbon plans, particularly in the US, and the crumbling market for WorleyParsons services in the US refining and petrochemical industry have been blamed for the downgrade.

WOR shares fell 10.9% today to $26.16.

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