NATCO Group announced revenue for the first quarter 2008 of $152 million, an increase of 19% over first quarter 2007 revenue of $127.4 million. Net income available to common stockholders for the first quarter 2008 was $9.6 million, or $0.50 per diluted share. Included in net income available to common stockholders are approximately $2.1 million of pre-tax expenses associated with a previously announced, and ongoing, review of certain payments made in a foreign jurisdiction. Without these charges, earnings per diluted share would have been $0.56. Net income available to common stockholders for the first quarter of 2007 was $8.4 million, or $0.45 per diluted share.
Segment profit, including the costs of the ongoing review, increased to $18.1 million for the first quarter 2008, up from $15.6 million for the first quarter of 2007. Bookings for the first quarter 2008 were $176.4 million, compared with $133.9 million for the first quarter of 2007.
John U. Clarke, NATCO's Chairman and CEO said, "The early months of 2008 reflect a long awaited return of higher project award activity in our Integrated Engineered Solutions segment, while historically high U.S. natural gas prices continue to support strong activity levels in our Standard & Traditional segment. Our Automation & Controls segment produced solid results as well. In addition, recent acquisitions have been successfully integrated and are performing in line with expectations."
Revenue from the Integrated Engineered Solutions segment was $54.9 million in the first quarter 2008, compared to $48.5 million in the first quarter 2007. Segment profit for the first quarter 2008 was $8.3 million, including $0.8 million of allocated costs related to the ongoing review, compared with $8.2 million in the prior year period primarily as a result of higher built-to-order project revenue recognition offset, in part, by a lower contribution from the Company's West Texas CO2 processing facility and higher operating expenses. Bookings in the first quarter 2008 totaled $79.6 million, compared with $46.6 million in the first quarter 2007.
For the first quarter 2008, the Standard & Traditional segment increased revenue over the first quarter 2007 by 24% to $70.9 million. Segment profit increased to $5.4 million, including $1.0 million of allocated costs related to the ongoing review, from $5.3 million. The improved results reflected increased sales volumes in the Company's U.S. branch network, the inclusion of two months of the Linco Electromatic liquids measurement business offset, in part, by higher operating expenses. In the first quarter of 2008, bookings for the segment were $68.7 million compared with $61.1 million for the first quarter of 2007.
Revenue from the Automation & Controls segment in the first quarter 2008 increased 22% over the prior year's comparable period to $28.2 million, while segment profit, including $0.3 million of allocated costs related to the ongoing review, increased to $4.4 million in the first quarter 2008 from $2.1 million in the first quarter 2007. The improvement in segment profit was primarily due to improved activity levels in the Gulf of Mexico and higher contribution from international field service work.
Weighted average shares of 19.9 million for the first quarter 2008 increased from 19.5 million in the first quarter of 2007 primarily as the result of the issuance of shares in conjunction with the acquisition of ConSepT in December 2007 and the impact of shares issued under the Company's incentive compensation program.
Mr. Clarke concluded, "Momentum is once again building with respect to project bookings opportunities in 2008 as both domestic and international markets remain very active. Delays, however, have affected the timing of anticipated revenue recognition and our previous guidance for the year. However, our focus on geographic and market expansion continues and will support additional growth for 2008 and beyond. We expect strengthening in the North American gas market and meaningful awards from South East Asia, the Middle East, Mexico and the Canadian oil sands during the balance of the year. We are also having early success in deploying our technologies to the downstream refining market. These wins should set the stage for a better second half of the year and a strong start to next year."
The Company is revising its 2008 guidance with respect to segment profit, estimated at $88 to $92 million, exclusive of the costs associated with the ongoing review. Revenue is expected to be between $610 and $630 million with earnings per diluted common share, excluding special items, of $2.55 to $2.65. For the second quarter 2008, the Company expects revenue of $155 to $165 million and segment profit of $17 to $20 million, exclusive of the costs associated with the ongoing review.