Engineering service provider, Shaw Group Inc. (SHAW) reported that its net loss for the first quarter narrowed from the previous year quarter. The company indicated that results from Energy & Chemicals and Fabrication & Manufacturing segments were down from the record levels experienced last year, and nuclear contracts have not yet contributed meaningfully to the earnings, while Maintenance and Environmental & Infrastructure segments performed well with record quarterly earnings.
The company recorded a net loss of $20.48 million or $0.25 per share for the first quarter, compared to a loss of $39.9 million or $0.48 per share in the year-ago quarter.
Excluding investment in Westinghouse segment, net income was $48.6 million or $0.57 per share, compared to $62.8 million or $0.75 per share in the year ago quarter.
The company reported that the revenues for the first quarter decreased to $1.85 billion from $1.90 billion in the prior year quarter.
The first quarter fiscal year results include a non-operating, non-cash foreign exchange translation loss in the Westinghouse segment of $102.3 million pre-tax, or $62.8 million after-tax as the U.S. dollar declined from 93 Japanese yen per dollar at Aug. 31, 2009, to 86 yen per dollar at Nov. 30, 2009, while the prior year period's results included a non-cash foreign exchange translation loss of $161.2 million pre-tax, or $98.2 million after-tax.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share on revenue of $1.76 billion for the quarter. Analysts' estimates typically exclude special items.
The company further noted that the new awards for the quarter totaled $1.2 billion, driven primarily by new awards from the U.S. government in the company's Environmental & Infrastructure segment.
The company's backlog of unfilled orders at Nov. 30, 2009, was $22.0 billion compared to $14.8 billion for the first quarter of fiscal year 2009.
SHAW closed Wednesday's regular trading at $29.75 up $0.71 or 2.44% on the NYSE, however, during the after hours trading the stock gained to $31.20 up $1.57 or 5.28%.
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