Shaw Group Inc. (SGR:US), the provider of engineering and construction services to energy companies and governments, reported a profit in the second quarter as sales increased 37 percent.
Net income of $8.88 million, or 11 cents a share, compared with a net loss of $61.5 million, or 77 cents, a year earlier, the Baton Rouge, Louisiana-based company said in a statement. Revenue for the period that ended Feb. 29 rose to $1.65 billion from $1.21 billion a year earlier.
The company cited record quarterly revenue from its fossil fuel and nuclear energy unit. Reporting a backlog of unfilled orders amounting to $14.2 billion at the end of February, Shaw said it expected earnings to increase in the second half of this year. It said $5.6 billion of the backlog will become revenue during the next 12 months.
Shaw lost $1, or 1.8 percent, to $54.80 at 4 p.m. in New York Stock Exchange composite trading. The stock has fallen 9.3 percent this year.
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