Wilson Sons reported net income in the first quarter of 2013 was $19.5 million, jumping 169.7 percent from $7.2 million in the first quarter of 2012.
However, quarterly revenue for the Brazilian shipping company was $149.2 million, sliding 0.6 percent from $150.2 million in the same quarter last year. First quarter revenue gains in the shipyard, towage and shipping agency segments, which were up 69.8 percent, 9.1 percent and 1.1 percent year-over-year, respectively, were offset by drops in revenue in the logistics and port terminals divisions, which were down 19.2 percent and 10.6 percent.
“Despite soft exports, we delivered a strong first quarter in terms of cash generation, with bottom-line margins growing significantly primarily due to strong performances in the towage, offshore vessels and shipyard businesses,” said Cezar Baião, CEO of Wilson Sons’ operations in Brazil, in a written statement.
“We believe we are well-positioned to carry out our strategy in each of our businesses and remain optimistic with the following quarters, while attentive to the shifts in international and domestic markets,” he concluded.