Business
ShawCor announces third quarter results
ShawCor announces third quarter results.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\n(TSX: SCL.A, SCL.B)\n\nTORONTO, Nov. 1 /CNW/ -\n\n>\n\nConsolidated revenue for the quarter totaled $245.3 million compared to\n$239.2 million in the same quarter of last year. The third quarter revenue was\n7% lower than in the second quarter as a result of the impact of project\ntiming in Bredero Shaw's Far East region, partially offset by revenue growth\nin Bredero Shaw Americas and the start-up of a major project in the Middle\nEast. Business activity at the Company's other divisions continued to be\nstrong with revenue either increasing or remaining similar to prior quarter\nlevels. On a year-to-date basis, consolidated revenue of $766.0 million was 8%\nhigher than in the same period of last year.\nConsolidated income from continuing operations totaled $16.5 million\n($0.22 per share) in the quarter, compared to $34.7 million ($0.46 per share)\nin the third quarter of 2005, which result included the benefit of previously\nunrecognized income tax losses totaling $18.4 million ($0.25 per share). Third\nquarter consolidated income from continuing operations decreased from $24.9\nmillion ($0.34 per share) in the second quarter of the year in line with the\nlower revenue. On a year-to-date basis, income from continuing operations\ntotaled $66.2 million ($0.89 per share) compared to $61.0 million ($0.81 per\nshare), including the $18.4 million ($0.25 per share), income tax benefit in\nthe first nine months of 2005. The growth in earnings per share reflects both\nthe increased revenue and operating margin improvements in the first nine\nmonths of 2006 and the impact of reduced shares outstanding through share\nrepurchases under the Company's ongoing Normal Course Issuer Bid.\nOn August 8, 2006, the Company announced the acquisition of a 50%\ninterest in Eupec Brasil Ltda., which operates a pipe-coating plant adjacent\nto the Vallourec & Mannesmann pipe mill in Belo Horizonte, Brazil. Eupec\nBrasil Ltda. was subsequently renamed Bredero Shaw Revestimentos de Tubos\nLtda. and, together with ShawCor's existing operation, Thermotite Brasil Ltda.\nwhich is also located in Belo Horizonte, will enable ShawCor to offer a\ncomplete range of anticorrosion coatings and linings along with high\nperformance insulation coatings to serve both the onshore and offshore\nsegments of the Brazilian pipeline market.\nOn October 5, 2006, ...