SOURCE: Industrial Info Resources

Industrial Info Resources

January 07, 2010 05:30 ET

Shaw Group's Earnings Down, but Project Backlog Remains Strong, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - January 7, 2010) - Researched by Industrial Info Resources (Sugar Land, Texas) -- The Shaw Group Incorporated (NYSE:SHAW) (Baton Rouge, Louisiana) recently reported earnings for the first quarter of the company's 2010 fiscal year, which ended November 30, 2009. Revenues for the quarter were $1.86 billion, essentially unchanged from 1Q09's revenues of $1.90 billion. However, excluding the company's Westinghouse segment, which suffered from negative foreign exchange rates, net income fell 22.6% year over year, falling from $62.8 million in 1Q09 to $48.6 million in 1Q10. The decline in earnings was not entirely unexpected, coming in the wake of a strong 1Q09 and the escalation of the global economic slowdown. Shaw's largest projects involve the nuclear power sector, with projects under way for Progress Energy Incorporated (NYSE:PGN) (Raleigh, North Carolina) and Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), among others.

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