BATON ROUGE, La.( TheStreet) -- The Shaw Group ( SHAW) reported a surge in net income in its pre-market earnings report on Monday. Net income in Shaw's third fiscal quarter was at $68 million, up from $7.9 million in the previous year's quarter. Earnings rose to 79 cents, versus 9 cents in the previous fiscal third quarter. The impressive income and earnings were tied to gains in Shaw's position in Westinghouse Group, a nuclear power plant builder majority-owned by Toshiba. Shaw financed its equity stake with Japanese-yen denominated bonds that fluctuate each quarter based on currency. The bonds had a currency loss of over $20 million in the third quarter last year. The Westinghouse earnings data includes a non-operating currency gain of $34 million in the fiscal third quarter 2010. Shaw Group shares were up more than 2% in the pre-market on Monday, but trading quickly turned negative once the markets opened, with Shaw shares down close to 2%. Shaw announced a deal with Toshiba and Exelon Nuclear Partners to build nuclear power plants in Saudi Arabia concurrent with its earnings release, and on its earnings conference call with investors, said it hopes to win contracts for a few nuclear reactors within the next year. Excluding the Westinghouse holding, Shaw reported earnings slightly ahead of expectations, and provided guidance that matched the range of Street expectations for the full year. Shaw reported earnings of 57 cents per share, versus a Street consensus of 54 cents. Net income of $49 million in the quarter, excluding the Westinghouse deal, was $1 million more than in the fiscal third quarter last year. Shaw expects 2010 earnings of $2.10 a share to $2.20 a share, excluding its Westinghouse stake. Wall Street consensus is at the higher end of the Shaw guidance, at $2.17 to $2.20 for the full year. Shaw said that for the current quarter, it plans to be at the higher end of its earnings guidance range. The company's revenue guidance of $7 billion is also in line with Street consensus. -- Written by Eric Rosenbaum from New York. Follow TheStreet.com on Twitter and become a fan on Facebook.