Shaw Group Inc. reported a loss of $31.9 million, or 44 cents per share, for the fourth quarter of its fiscal year ending Aug. 31, with much of the loss attributed to cost increases and delays on two projects.
Increased subcontractor costs and schedule delays on an energy and chemicals project lowered earnings by $34.8 million after taxes, or 48 cents per share. Cost increases on a coal-fired power plant lowered earnings by $44.2 million, or 62 cents per share.
Shaw also booked an after-tax charge of $9.1 million, or 13 cents per share, due to a fabrication and manufacturing project settlement. Shaw is seeking to recover more from its insurance on the project.
For the year, Shaw lost $175 million, or $2.18 per share.
Shaw’s results do not include its 20 percent share of Westinghouse Group, which is affected by currency exchange rates.
Shaw has exercised its option to sell its investment back to Toshiba.
The company also released its guidance for the 2012 fiscal year.
Shaw expects earnings of $2 to $2.10 per share on revenue of $5.5 billion to $6 billion.