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Pipeline services company ShawCor boosts profit in Q4, annual earnings

TORONTO – Pipeline services company ShawCor Ltd. (TSX:SCL.A) said Tuesday it took in a fourth-quarter profit of $80.3 million, markedly up from a $23.2 million profit a year ago.

The Toronto-based company reported after market close that unaudited earnings amounted to $1.13 per diluted share for the three months ended Dec. 31, 2012. That was an increase from 32 cents per diluted share in the same period a year earlier.

Revenue in the same quarter rose by 31 per cent from $448.4 million from $341.8 million year-over-year.

“These expected record results reflect the high level of business activity combined with continuing excellent execution,” said ShawCor president and CEO Bill Buckley in a statement.

ShawCor also reported its full-year profit for 2012 at $178.4 million, an increase from $56.2 million in the prior year.

Total revenue went up from $1.48 billion for the year, compared with $1.15 billion for 2011.

In October, ShawCor announced it had bought full ownership of Dublin-based holding company Fineglade Ltd. — paying $135 million to acquire the 60 per cent it didn’t already own.

The company also eliminated its dual share structure, combining the company’s class A and class B shares in January.

ShawCor Ltd. specializes in products and services for the pipeline and oil and gas industries. It operates through eight divisions with more than 70 manufacturing and service facilities around the world.

Shares in ShawCor closed down 39 cents or 1.02 per cent on the Toronto Stock Exchange at $37.89 before the earnings report.