Meanwhile is this one of the most undervalued non-tech stocks? Volume is way up over normal volume today.
SHAW GROUP INC. - Increases In Sales And Earnings for the 1st Quarter of Fiscal 2002
New York, New York, Jan 21, 2002 (Market News Publishing via COMTEX) -- The Shaw Group Inc. ("Shaw" or "the Company") announced a 56% increase in earnings to $19.0 million, or $0.45 per diluted share, for the first quarter ended November 30, 2001. This compares to $12.2 million in earnings, or $0.31 per diluted share, for the three months ended November 30, 2000. The Company also announced an increase in sales for the first quarter of fiscal 2002 to $453.6 million, representing an 8% increase over the prior year's first quarter sales of $418.8 million.
The Company's backlog remained strong at $4.5 billion at November 30, 2001, with approximately 85% relating to projects for the domestic market. This represents an increase of over 110% over the $2.1 billion backlog reported at November 30, 2000. The Company anticipates that approximately 50% of its backlog will be worked off during the next 12 months.
"The results of the first quarter are impressive given the events which occurred in September and the negativity that has saturated the power generation industry over the past several months," stated J. M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer. "We are confident that the need for additional power plants remains and that our customers will continue with their building plans. Furthermore, with the Company's diversity in other markets, such as process and environmental and infrastructure, Shaw is positioned to quickly capitalize on new opportunities."
The Shaw Group Inc. is the world's only vertically-integrated provider of complete piping systems and comprehensive engineering, procurement and construction services to the power generation industry. Shaw is the largest supplier of fabricated piping systems in the United States and a leading supplier worldwide, having installed piping systems in power plants with an aggregate generation capacity in excess of 200,000 megawatts. While the majority of Shaw's backlog is attributable to the power generation industry, the Company also does work in the process industries, including petrochemical, chemical and refining, and the environmental and infrastructure sector. The Company currently has offices and operations in North America, South America, Europe, the Middle East and Asia-Pacific; and has more than 13,000 employees. For additional information on The Shaw Group, please visit the Company's web site at www.shawgrp.com. |
