The GR Engineering Services Ltd (ASX: GNG) share price has been one of the worst performers on the market today.
In early afternoon trade the engineering company's shares are down almost 6% to $1.38.
What happened?
This morning GR Engineering Services announced a revision to its expected earnings for the financial year ending 30 June 2017.
According to the release, due to departures from anticipated progress claim timing on recently awarded projects, the company expects FY 2017 revenue to be in the range $215 million to $220 million.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) is expected to be in the range of $16 million and $17 million.
This will be a big drop from FY 2016 which saw the company deliver EBITDA of $26.1 million on revenues of $255.3 million.
Management does expect things to pick up in FY 2018 and has forecast revenue in the range of $300 million and $330 million.
