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The Baton Rouge, Louisiana-based company reported net income of $7.9 million or $0.09 per share for the third quarter, much lower than $52.0 million or $0.62 per share in the prior year quarter.
During the quarter, Shaw Group recorded $33.2 million loss from foreign currency translation on Japanese Yen-denominated bonds, compared to a loss of $8.5 million last year.
The company noted that its year-ago results were restated.
Excluding the Westinghouse segment, net income was $48.2 million or $0.57 per share, compared to $56.7 million or $0.67 per share in the year-ago quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.60 per share for the third quarter. Analysts' estimates typically exclude one-time items.
Third quarter revenues increased marginally to $1.85 billion from $1.81 billion in the same quarter last year. Eleven analysts had a consensus revenue estimate of $1.80 billion for the third quarter.
In the United States, Shaw Group generated revenues of $1.43 billion, representing 77% of total revenues, higher than last year's $1.40 billion. Asia/Pacific Rim revenues were $276.2 million, nearly doubled from the previous year, while revenues from Middle East plunged to $107.1 million.
As a percentage of sales, gross profit decreased to 8.8% from 9.5% in the third quarter of 2008.
As of May 31, the company's backlog of unfilled orders was $22.9 billion, up from $19.0 billion in the second quarter of fiscal year 2009. About $5.3 billion or 23% of the current backlog is expected to be converted to revenues during the next 12 months.
For the nine-month period of 2009, Shaw Group posted net income of $4.3 million or $0.05 per share, compared to $58.1 million or $0.69 per share in the previous year period.
Revenues for the year-to-date period increased to $5.42 billion from $5.17 billion in the preceding year period.
For the full year 2009, Shaw Group lowered its earnings forecast, excluding the Westinghouse segment, to $2.00 per share from its prior estimate of $2.10 to $2.30 per share. The Street currently expects the company to report earnings of $2.22 per share for the year.
Shaw Group closed Thursday's regular trading session at $26.16, up $1.39 or 5.61%, on a volume of 3.04 million shares. However, in after-hours, the stock lost $1.06 or 4.05%. The stock has been moving in a range of $11.47 - $64.66 for the past 52 weeks, with an average daily volume of about 2.22 million shares for the past three months.
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