BATON ROUGE, La.—The Shaw Group Inc. says it will take a fiscal first-quarter charge as the result of a lawsuit involving Xcel Energy.
Baton Rouge-based Shaw says the charge will total 45 cents per share. In addition, Shaw has reduced its fiscal year 2011 earnings guidance to a range of $1.70 to $1.80 per share. That’s down from its previous guidance of $2.15 to $2.25 per share. The guidance excludes the company’s Westinghouse nuclear segment.
Shaw says it received a split jury verdict in a suit against Xcel over Xcel’s coal-fired power project in Pueblo, Colo. Shaw constructed the project.
Shaw says that although it will receive $40 million, the jury also found that Shaw owes Excel damages. Shaw said it is considering an appeal.
