ShawCor Announces Improved First Quarter Results


Energy services company ShawCor Ltd (SCL.TO) Friday reported revenue in the first quarter reached a new quarterly record of $454.7 million, an increase of 46% from the $312.3 million reported in the first quarter of the prior year. Net income (attributable to shareholders of the company) was $70.6 million (or $1.01 per share diluted) compared with net income of $24.1 million (or $0.34 per share diluted) in the first quarter of the prior year.

Subsequent to the quarter end, it completed the acquisition of the remaining 49% of Socotherm S.p.A's joint venture in the USA Gulf of Mexico for total consideration including assumption of bank debt of approximately $30 million.

Bill Buckley, President and CEO, said: "We are pleased to announce a continuation of very strong financial results for the first quarter of 2013 with revenue and EBITDA (before one time charges) reaching record levels. This performance reflects the strength of the company's global pipeline markets and the company's success in launching and executing the major pipe coating projects that are under way, particularly in Asia Pacific".

Buckley added: "ShawCor continued to increase its backlog which reached a new record level of $875 million at March 31, 2013. The backlog includes firm customer contracts which will be executed over the next twelve months and is indicative of the strong international business environment as well as the positive impact of the acquisition of Socotherm that was completed late in 2012. All indications continue to suggest that the company will generate record financial performance in 2013."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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