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Shawcor ltd. announces second quarter 2018 results

Mr. Steve Orr, Chief Executive Officer of Shawcor Ltd., remarked, “Second quarter revenue and Adjusted EBITDA1 were as expected and in line with what we delivered in the first quarter of 2018.

Highlights

  • Second quarter 2018 revenue was $358 million, an increase of 2% from the $351 million reported in the first quarter of 2018 and 7% lower than the $384 million reported in the second quarter of 2017.
  • Adjusted EBITDA1 in the second quarter of 2018 was $37 million, an increase of 6% from the $35 million reported in the first quarter of 2018 and 30% lower compared to $53 million reported in the second quarter of 2017.
  • Net income (attributable to shareholders of the Company) in the second quarter of 2018 was $9.9 million (or earnings per share of $0.14 diluted) compared with net income of $5.2 million (or $0.07 per share diluted) in the first quarter of 2018 and a net income of $15.9 million (or $0.23 per share diluted) in the second quarter of 2017.
  • The Company’s order backlog was $447 million at June 30, 2018, down compared to the backlog at March 31, 2018 of $459 million.

Second Quarter 2018 versus First Quarter 2018

Consolidated revenue increased 2%, or $7.4 million, from $350.5 million during the first quarter of 2018 to $357.9 million during the second quarter of 2018, due to increases of $3.7 million in the Pipeline and Pipe Services segment and $3.6 million in the Petrochemical and Industrial segment.

Revenue increased by 1% in the Pipeline and Pipe Services segment, or $3.7 million, from $300.0 million in the first quarter of 2018 to $303.7 million in the second quarter of 2018, due to higher activity levels in North America, partially offset by lower volumes in the EMAR, Latin America and Asia Pacific regions. See Section 3.1 – Pipeline and Pipe Services Segment for additional disclosure with respect to the change in revenue in the Pipeline and Pipe Services segment.

In the Petrochemical and Industrial segment, revenue was higher by $3.6 million, or 7%, in the second quarter of 2018, compared to the first quarter of 2018, primarily due to higher activity levels in North America. See Section 3.2 – Petrochemical and Industrial Segment for additional disclosure with respect to the change in revenue in the Petrochemical and Industrial segment.

Source: Shawcor

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