ShawCor Ltd. Announces Record Third Quarter 2013 Results

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[{"type":"text","content":"\n\n\n(TSX: SCL)\n\n\nTORONTO, Nov. 7, 2013 /CNW/ -\n\n\n\nThird quarter revenue of $525.8 million reached a new quarterly record\n for ShawCor and increased $68.5 million, or 15%, from the second\n quarter of 2013. Compared to the third quarter of 2012, revenue\n improved by 35% from the $390.5 million reported a year ago.\n\n\nEBITDA in the third quarter of 2013 also reached a new quarterly record\n of $128.3 million, $26.8 million, or 26.3%, higher than the second\n quarter of 2013 and $45.0 million, or 53.9%, higher than in the third\n quarter a year ago.\n\n\nThe consolidated EBITDA margin was 24.4%, compared with 21.4% in the\n third quarter a year ago, as a result of favourable revenue mix and the\n benefits of significantly higher facility utilization from the 143%\n growth in revenue in the Company's Asia Pacific operations.\n\n\nNet income (attributable to shareholders of the Company) in the third\n quarter was a record $73.0 million (or $1.21 per share diluted)\n compared with net income of $53.4 million (or $0.75 per share diluted)\n in the third quarter of the prior year.\n\n\n\nMr. Bill Buckley, Chief Executive Officer of ShawCor Ltd. remarked \"We\n are very pleased to announce record quarterly financial results in the\n third quarter of 2013. The combination of continued excellent execution\n in all of our business operations combined with the exceptionally\n strong revenue and earnings from our Asia Pacific region, led to the\n record results we are reporting today.\"\n\n\nMr. Buckley added \"With the $400 million Inpex Ichthys gas export\n pipeline project nearing completion in Asia Pacific, our backlog has\n decreased to $646 million and we are now expecting reduced revenue and\n earnings in the fourth quarter and in 2014. However, the current high\n level of outstanding bids provides us confidence that the Company's\n backlog will begin to increase in 2014. As these project bids move\n towards contract awards, ShawCor's strong global position and leading\n technologies should enable the Company to realize the potential for\n strong growth in 2015 and beyond.\"\n\n\nSelected Financial Highlights\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n(in thousands of Canadian dollars, except per share\namounts and percentages)\n\n\n \n\n\nTh...

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