May 12, 2011 / 8:37 PM / in 6 years

UPDATE 1-ShawCor Q1 profit doubles on higher pipeline orders

* Q1 EPS C$0.29 vs C$0.16 year ago

* Q1 revenue up 24 pct at C$279.5 mln

* Says reduced project activity in Mexico, Brazil partly offset gains

* Sees reduced activity continuing in Q2 (Follows alerts)

May 12 (Reuters) - Shawcor Ltd’s SCLa.TO first-quarter profit almost doubled on a rise in demand for small diameter pipeline services in North America, but the Canadian energy services company was disappointed by reduced project activity in Mexico and Brazil.

“We expect that this level of activity will continue in the second quarter with a gradual improvement in the second half of this year,” the company said in a statement.

January-March earnings were C$20.5 million, or 29 Canadian cents a share, up from last year’s C$11.7 million, or 16 Canadian cents a share.

Revenue rose 24 percent to C$279.5 million.

Analysts, on average, expected earnings of 46 Canadian cents, on revenue of C$304.44 million, according to Thomson Reuters I/B/E/S.

Shares of the Toronto-based company closed at C$33.06 on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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