ShawCor Ltd announced that, based on a preliminary review of fourth quarter operating results, it expects to report significantly lower earnings for its fourth quarter of fiscal year 2013 compared with the record earnings reported in the third quarter. These preliminary estimates are being provided despite the fact that ShawCor's auditors have not completed their procedures with respect to such information nor completed their audit of ShawCor's results for the fiscal year 2013. ShawCor's actual results may differ materially from these preliminary estimates due to the completion of its financial closing procedures and other developments that may arise between now and the time the results for its fourth quarter and full year are finalized. ShawCor expects to report its fourth quarter and full year results on or about February 27, 2014.
ShawCor estimates that income from operations, before foreign exchange and one-time gains/losses, will decrease by approximately 50% to 60% from third quarter levels, primarily as a result of an approximately 50% reduction in revenue in Asia Pacific versus the third quarter and delayed start-up of several large projects that resulted in a significant negative impact on operating margins.