Shawcor reports $23-million Q3 profit, revenue up from year ago

TORONTO — Shawcor Ltd. reported a $23-million profit in its latest quarter compared with a loss a year ago as its revenue rose about 15 per cent.

Shawcor chief executive Mike Reeves says strong execution resulted in robust sequential and year-over-year growth in revenue, gross profit, operating cash flow and backlog.

The energy and infrastructure technology company says its profit amounted to 33 cents per diluted share for the quarter ended Sept. 30.

The result compared with a loss of $8.3 million or 12 cents per share in the same quarter last year.

Revenue for what was the company's third quarter totalled $335.0 million, up from $291.4 million in the third quarter of 2021.

In September, Shawcor announced a plan to change its name to Mattr and launched a strategic review that could result in the sale of its pipeline and oilfield asset management divisions.

This report by The Canadian Press was first published Nov. 14, 2022.

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The Canadian Press