DRAVO <DRV> TO HAVE FIRST QUARTER LOSS
Dravo Corp said it expects a first
quarter loss of about 30 cts per share, compared with a
year-earlier profit of one ct, and said operating earnings for
all of 1987 may not match 1986's earnings of 61 cts per share
from continuing operations.
    Dravo saidperformance so far this year in its engineering
and construction segment has not met earlier expectations.
    It said the first quarter will be impacted by writedowns
resulting fromn revised estimates of costs required to complete
projects and by delays in starting work on jobs originally
forecasted to contribute to first quarter earnings.
    Dravo further said it has given the investor group buying
Dravo's river transportation, stevedoring and pipe frabrication
businesses additional time to structure the necessary
permanenty financing, and closing is now expected in the third
quarter.
 Reuter
