Oilfield services company Shawcor Ltd. (SCL) said overnight Wednesday that its fourth-quarter adjusted net income stood at $8.8 million, or $0.13 per share, reversing a year-ago net loss of $4.0 million, or a loss of $0.06 per share. Shawcor at last look surged 20.2% in early trading on Thursday.

The company swung to a net income of $55.8 million, or $0.79 per share, from a prior-year net loss of $81.8 million, or a loss of $1.17 per share.

Shawcor's earnings benefited from the sale of its its Pipeline Performance Products business, which translated to a $52 million gain.

Revenue grew to $325.7 million from $334.1 million and adjusted EBITDA jumped 56% to $46 million.

In full-year 2020, Shawcor booked an adjusted net loss of $57.1 million, or a loss of $0.81 per share, compared with a 2019 net income of $25.1 million, or $0.36 per share.

- MT Newswires