Baton Rouge-based Shaw Group Inc. reported earnings of $125.2 million, or $1.86 per share, for the fourth quarter of its fiscal year, which ended Aug. 31.
For the same period a year ago, Shaw lost $31.9 million, or 44 cents per share. Those results do not include Shaw’s 20 percent stake in Westinghouse, which was financed with yen-backed bonds. The exchange rates between the dollar and Japanese yen affect result in a paper loss of $12 million.
With Westinghouse included, Shaw earned $113.2 million, or $1.68 per share, compared to a loss of $90.3 million, or $1.25 per share, a year ago.
Shaw’s peformance was boosted by a $70 million after-tax gain from selling its Energy & Chemicals business to Technip. The results were well above the $1.36 per share forecast by Wall Street analysts surveyed by Thomson Reuters.
“All of Shaw’s business segments continue to perform well,” Shaw Chairman, President and CEO J.M. Bernhard Jr. said in a news release. “We are making progress with the CB&I transaction, with all aspects moving forward as scheduled toward closing in the first quarter of calendar year 2013.”
CB&I will pay $3.2 billion for Shaw. The deal was announced on July 30.
Shaw also said it expects to earn $1.70 to $1.90 per share in the next fiscal year with revenue of $5 billion to $5.5 billion.
Shaw is a global engineering, construction, and fabrication services and a member of the Fortune 500. It employs arond 25,000 people worldwide.