Shawcor records higher earnings, revenue during the first quarter

TORONTO, Cananda – Shawcor Ltd. (TSX:SCL) says its profits and revenues rose during the first three months of the year compared with a year ago.

The company, which provides services to the pipeline and petrochemical industries, said its net earnings were $70.6 million, or $1.01 per share, during the first quarter.

During the same 2012 period, Shawcor earned $24.1 million, or 34 cents per share.

Revenues reached a new quarterly record of $454.7 million, up from $312.3 million during the prior-year quarter.

The company booked $12.6 million in one-time charges during the quarter as it reorganized to eliminate its dual-class share structure.

Shawcor recently completed its acquisition of the remaining 49 per cent stake in the Socotherm Labarge joint venture in the Gulf of Mexico that it didn’t already own. Including bank debt, the deal was worth $30 million.