Shaw posts $90M loss on the quarter, looks at sale options

Shaw Group Inc. says it lost $90.3 million, or $1.25 per share, in the fiscal year fourth-quarter ending Aug. 31, on 14% lower revenue. Over the same quarter last year, the engineering and construction firm had losses of $24 million, or 28 cents per share. Excluding its Westinghouse segment, Shaw posted a loss of 44 cents a share, compared with a profit of 49 cents a year earlier. Revenue declined to $1.48 billion from $1.72 billion. In a statement released this morning, the company says it is “in the process of evaluating strategic alternatives for its Energy & Chemicals segment. The company has received multiple written indications of interest from potential acquirers and is exploring options related to this business.” Within two weeks, Shaw says it will launch a Dutch auction tender offer, potentially valued at $100 million to $475 million, for a share repurchase program previously approved by Shaw’s board of directors. The company also says its “special purpose subsidiary,” Nuclear Energy Holdings, intends to look at options for selling its investment in Westinghouse back to Toshiba Corporation.