(RTTNews) - Thursday, The Shaw Group Inc. (SHAW: News ) reported significantly lower profit for its fourth quarter, hurt by foreign exchange transaction losses, as revenue growth was offset by higher cost and expenses. However, adjusted earnings as well as revenues topped analysts' estimates. In addition, the company provided earnings guidance for fiscal 2010, above the current Street estimates.

The Baton Rouge, Louisiana-based company's fourth-quarter net income plunged to $10.7 million or $0.13 per share from $82.6 million or $0.98 per share a year ago.

Excluding Westinghouse segment, net income dropped to $40.5 million or $0.48 per share from $64.7 million or $0.77 per share in the year-earlier quarter. On average, 16 analysts polled by Thomson Reuters estimated earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter results include a non-operating, non-cash foreign exchange translation loss in the Westinghouse segment of $34.6 million pre-tax, or $21.2 million after-tax. The prior-year period included a non-cash foreign exchange translation gain of $36.5 million pre-tax, or $22.2 million after-tax.

Revenues for the fourth quarter of 2009 increased to $1.9 billion from $1.8 billion for the fourth quarter of 2008. Analysts expected revenues of $1.79 billion for the quarter.

Gross profit for the quarter declined to $153.99 million from $154.17 million in the prior-year quarter, as cost of revenues climbed to $1.71 billion from $1.67 billion last year.
Operating income decreased to $67.46 million from $90.72 million, while general and administrative expenses surged to $86.54 million from $63.45 million in the last year.

For the full year, net income slumped to $15.0 million or $0.18 per share from $140.7 million or $1.67 per share in the prior year. Excluding the Westinghouse segment, net income dropped to $170.3 million or $2.02 per share from $191.4 million or $2.27 per share last year.

Foreign exchange translation losses for the full year amounted to $198.1 million pre-tax, or $121.6 million after-tax, compared to a loss of $69.7 million pre-tax, or $42.4 million after-tax, a year ago.

Revenues for fiscal year 2009 increased to $7.3 billion from $7.0 billion in the prior year.

For fiscal 2010, the company expects earnings per share, excluding the Westinghouse segment, in the range of $2.10 to $2.20, while revenue is estimated at $7.0 billion. Analysts currently expect earnings of $2.00 per share on revenues of $7.21 billion for the full year.

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