The Shaw Group Inc. reported net income of $35 million, or 48 cents per share, for the three months ended Nov. 30, the first quarter of Shaw’s 2012 fiscal year. For the same period a year ago, Shaw lost $4.5 million, or 5 cents per share.

Stock analysts surveyed by Thomson Reuters had forecast earnings of 44 cents per share.

Shaw also updated its earnings guidance for fiscal 2012 to reflect the impact of $150 million in stock repurchases. Shaw expects earnings per share of $2.05 to $2.15 on revenue of $5.5 billion to $6 billion. The company had estimated net income per share of $2 to $2.10 before buying back 6.2 million shares.

The earnings numbers do not include Shaw’s Westinghouse segment, which is affected by foreign currency rates.

For the quarter, Shaw added $1.5 billion worth of projects to its construction backlog, which now totals $20 billion, chairman, president and chief executive officer J.M. Bernard Jr. said in a news release. The company’s outlook for the year is positive, and Shaw will concentrate on winning more contracts and completing the work it has.