Shaw Group shares popped nearly 10% yesterday after the company announced record third quarter earnings - $53.9 million for the quarter ending in May. Shaw also set quarterly records for revenue ($1.8 billion) and project backlog ($16.4 billion). According to an AP report, Wall Street analysts are bullish,
In a note to investors, Citi Investment Research analyst Brian Chin was upbeat on Shaw's results, particularly its nuclear power segment, which he said should see new awards in the next 12 months.
He also said the company should witness "interesting activity" in its nuclear segment from international customers, particularly after a recent agreement allowing sales of civilian nuclear power technology from the U.S. to India.
"Shaw's real opportunity is in South Africa, the (United Kingdom), India and China," Chin wrote. "All four regions could award potential contracts in the next 12 months."