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.