ShawCor sales grow marginally in Q2

09 Aug '13

2 min read

ShawCor Ltd. announces results for the second quarter ended on June 30, 2013.

Highlights:

-Second quarter revenue reached a new quarterly record of $457.3 million, increasing by 1% from the $454.7 million reported in the first quarter of 2013 and increased by 40% from the $326.9 million reported in the second quarter a year ago.

-EBITDA in the second quarter of 2013 was $101.5 million, $65.1 million, or 179%, higher than in the prior year period but$2.7 million, or 3%, lower than in the first quarter of 2013. The reduction from the first quarter was primarily due to start up costs associated with Socotherm facilities in the USA and Italy.

-The consolidated EBITDA margin was 22.2%, compared with 11.1% in the second quarter a year ago, as a result of favourable revenue mix and the benefits of significantly higher facility utilization from the growth in revenue in the Company's Asia Pacific operations.

-Net income (attributable to shareholders of the Company) in the second quarter was $53.9 million (or $0.90 per share diluted) compared with net income of $21.4 million (or $0.30 per share diluted) in the second quarter of the prior year.

Mr. Bill Buckley, President and CEO of ShawCor Ltd. remarked "We are pleased to announce a continuation of strong financial results for the second quarter of 2013 with revenue reaching a new record level and EBITDA continuing strong despite the significant start up costs associated with two important deepwater coating facility mobilizations in the Socotherm group."

ShawCor Ltd.

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