Shaw reports Q1 profit

US contractor Shaw Group reported net income of US$ 49.2 million for the first quarter of fiscal 2012, reversing the net loss of US$ 15.3 million it recorded for the same period last year.

The result was boosted by a US$ 25.2 million foreign exchange gain in the period, compared to a foreign exchange loss of US$ 10.5 million in the fiscal first quarter of 2011.

However, revenues slipped year-on-year and Shaw reported sales of US$ 1.51 billion for the period, compared to US$ 1.54 billion a year ago.

Revenues from the US division decreased by US$ 11.1 million to US$ 1.3 billion for the first quarter, but the proportion attributed by this division to the overall revenue stayed the same at 85%.

In contrast, revenues from the Asia Pacific slipped to US$ 129.6 million for the first quarter, compared to US$ 168.7 million last year, and contributed 9% towards the total, compared to 11% a year ago.

J.M. Bernhard Jr, chairman, president and chief executive officer of Shaw said the results met the company's expectations.

"Our environmental and infrastructure, and fabrication and manufacturing segments continue to perform well, and our power segment is beginning to see a positive impact from the US nuclear projects," he said, adding that the company's outlook for 2012 was positive.

The company forecast full-year 2012 revenue of between US$ 5.5 billion and US$ 6 billion, and said it expected to end the year with a backlog of US$ 22 billion.

Shaw's order backlog at the end of the fiscal first quarter of 2012 stood at US$ 20 billion.