Shares of Shaw Group Inc. (SGR) have slipped nearly 9% after slashing its fiscal 2009 outlook late Thursday.
The company now anticipates earnings per share of $2 for the fiscal year ending August 2009, down from the earlier prediction of $2.10 to $2.30 per share.
The consensus estimate is at $2.23 per share for the year, which has increased by a penny over the past week.
Meanwhile, Shaw Group reported fiscal third-quarter profit of 57 cents per share, missing the average forecast by more than 3%.
Revenue grew marginally by 1.9% to $1.85 billion, primarily due to growth in the environmental and infrastructure segment, and partially offset by a decline in its fossil and nuclear and maintenance divisions.
The company also said that its backlog of unfilled orders reached a record $22.9 billion, compared to $19.0 billion at the end of fiscal second-quarter.
SGR, a Zacks #3 Rank (“Hold”) stock, is trading on higher-than-usual volume of approximately 3.3 million, compared to the average daily volume of about 1.3 million.
“SGR” Free Stock Analysis: Buy? Sell? Hold?
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