Shaw Swings to Profit in Third Quarter
Engineering and construction company Shaw Group posted a third-quarter profit versus a year-ago loss on sharp growth in demand for power generation and petrochemicals processing.
The company reported earnings for the fiscal quarter ended May 31 of $54.6 million, or 67 cents a share, compared to a loss of $16.7 million, or 21 cents a share, a year ago.
Shaw had delayed the results announcement as part of a restatement of its first quarter results.
The figures include a one-time $5.7 million gain, or 7 cents per share, from its investment in Westinghouse.
Revenues for the quarter rose to $1.6 billion from $1.23 billion a year ago.
Revenues from its Middle East activities more than doubled the quarter to $214 million, or about 14% of its total, while U.S. revenues jumped more than $200 million to $1.27 billion.
Shaw's backlog of orders as of May 31 was a record $13.3 billion, up from about $8 billion a year earlier.