Morrison Knudsen Plans Restructuring

Morrison Knudsen Corp. said Wednesday its fourth-quarter results will be worse than expected.

The company said it will eliminate its quarterly dividend and has begun a search for a successor to William J. Agee, who plans to retire as chairman and CEO.

Morrison Knudsen, which reports its 1994 results in midFebruary, blamed the poor fourth quarter on problems with some construction and transit projects.

The company’s stock plunged 24 percent on the news, losing $3 a share to close at $9.50 on the New York Stock Exchange. The stock had traded as high as $29.87 in 1994.