Income drops for Shaw
By Sarah Ann McCay14 July 2012
US contractor Shaw Group saw income drop in the third quarter of fiscal 2012, which ended March 31, 2012, as it works towards the planned sale of its Energy & Chemical segment.
Shaw posted a net loss of US$ 6 million for Q3, 2012. However, this was an improvement on the US$ 67.8 million loss for the same period in 2011. Revenue also saw slight improvement at US$ 1.6 billion for the quarter, up from US$ 1.5 billion in Q3, 2011.
"As we progress with the completion of our planned divestiture of the Energy & Chemicals segment, we are experiencing volatility in our third quarter earnings and expect this to continue into the fourth quarter. However, most of our operating units performed well in the quarter, with our Plant Services and Environmental & Infrastructure segments continuing to perform exceptionally well," said J.M. Bernhard Jr., chairman, president and CEO of Shaw.
The implementation of the group's nuclear projects has been slower than planned due to delays in licensing, which has also had an impact on Shaw's financial results. However, according to Mr. Bernhard, those projects are now moving forward and are expected to have a positive impact on Shaw's Power and Fabrication & Manufacturing segments.
Forecasts for the full year remain unchanged, with Shaw predicting revenues of approximately US$ 6 billion for the full fiscal year 2012.