Wilson Sons Reports a 170% Profits Increase
Wilson Sons Limited announced its results for the First Quarter (1Q13).
The Company’s Net Income reached $19.5 million, primarily due to strong performances in the Towage, Offshore Vessels, and Shipyard businesses.
“Despite soft exports, we delivered a strong first quarter in terms of cash generation, with bottom-line margins growing significantly,” said Cezar Baião, CEO of Operations in Brazil.
Strong demand for special operations in towage, higher average daily rates in the Offshore Vessels business and the commencement of Guaruja II shipyard operations contributed to the quarter’s strong bottom-line results.
“With the recent conclusion of important projects we believe we are well positioned to carry out our strategy in each of our businesses and remain optimistic with the following quarters”, the CEO concluded.
Wilson Sons’ full 1Q earnings release is available online at www.wilsonsons.com.br/ir.