Willbros Group, Inc. (WG) saw its loss narrow to $11.99 million, or $0.19 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $17.20 million, or $0.29 a share.

Revenue during the quarter dropped 21.32 percent to $174.82 million from $222.19 million in the previous year period. Operating margin for the quarter stood at negative 3.61 percent as compared to a negative 5.57 percent for the previous year period.

Operating loss for the quarter was $6.32 million, compared with an operating loss of $12.37 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $0.33 million compared to negative $1.82 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 0.19 percent for the quarter compared to negative 0.82 percent in the last year period.

Michael J. Fournier, president and chief executive officer, commented, "Year-to-date results represent a significant improvement over the prior year as a result of our continuing efforts to align our indirect and overhead costs to market conditions. Our third quarter results were impacted by adverse weather conditions and cost overruns on two projects. We may recover some of these costs through future change orders. Our 12-month backlog remained relatively flat compared to June 30, 2016 primarily due to additions to our MSA contracts in the UTD segment. We are seeing an increase in our bidding activity in our Oil and Gas segment and remain optimistic in winning a major MSA renewal in our Canadian segment. Building backlog remains our top priority throughout the organization."

For fiscal year 2016, Willbros Group, Inc. forecasts revenue to be in the range of $725 million to $750 million.