This morning, we will reference the slides that are available on our website, www.shawgrp.com.Now before we get started, I'd like to ask you all to please review the cautionary statement on Slide 2 of the presentation, which addresses the use of forward-looking statements and Regulation G disclosures to our non-GAAP items. I'd ask that you please consider this information with respect to our presentation and today's call. Now I'll refer you to Slide 3, and I'll turn the call over to Jim Bernhard. James M. Bernhard Thank you, Gentry. The quarter results were driven by a solid performance in our E&I and the Plant Services and our Fab group, but certainly offset by the volatility we experienced in the E&C business, related primarily to the divestiture of the E&C business itself, and this is cost associated with winding down the operations. While we see earnings that are volatile, certainly, in quarter 3 and quarter 4, our guidance for our fiscal year remains unchanged. We also -- highlights of the quarter. We entered into agreement to sell substantially all the Energy & Chemicals business to Technip for approximately $300 million, and that will close in our fiscal fourth quarter. We also received full notice of receipt from SCANA and booked a V.C. Summer in the backlog, and we also removed Progress out of our backlog. During the quarter, the time frame to begin the job was pushed out once again, and it was beyond our normal backlog inclusion. While the project has not been canceled, we continue to spend some money on the project. Progress, or Duke today, continues to spend about $200 million a year on the project, but it was pushed back to where one substantial amount of work in the next 5 years, so we took it out of backlog. And -- but the project as recently as a couple weeks ago is ongoing and hasn't been canceled at all.
We also received a settlement from GenOn and received cash of $107 million. And we opened our new -- began full production in Brazil on our Fab & Manufacturing facility, and the business is booked for at least a year. And we're looking to expand those operations in the next 6 to 8 months in Brazil.So let me turn over the financials to Brian, and then we'll get back and look at a little bit more operations. Thank you. Brian K. Ferraioli Thank you, Jim, and good morning, everyone. Turning to Slide 4, looking at the financials for the quarter. As we typically do, we show the results as reported for generally accepted accounting principles in the first column. But more importantly, to us at least, the second column is where we look at the financial results excluding our Westinghouse segment. As we mentioned in the past, we have a 20% ownership interest in Westinghouse. And we announced that we have a put option, and we intend to exercise that put option to sell those shares back to Westinghouse. And that will trigger at the latter part of this calendar year. So the quarterly results for the -- were driven, as Jim said, primarily by the performance of our E&I, Plant Services and Fabrication & Manufacturing segments, who, all 3, continued to perform very well. However, it was offset, as Jim mentioned, by the E&C group. As you know, we're divesting that business, and we have incurred a fairly significant amount of costs associated with the wind-down and the transfer of that business over to Technip. The quarter was also negatively impacted by the previously announced settlement with GenOn. We took a $20.1 million pretax charge to settle that dispute on a project that has been completed for some time. We collected $107 million cash as part of that settlement. That cash came in, in June, which is the beginning of our fourth quarter, so it is not reflected in the cash balance as you saw on the balance sheet that we reported earlier today.
Moving on to the actual quarter results itself. You see the revenues were up year-over-year. That was across the board on most of the segments, with the exception of Power. All the other segments were up year-over-year, and you see the earnings were up as well. The GAAP earnings that we reported in the 10-Q were, again, negatively impacted by the Westinghouse segment. The dollar weakened during the quarter against the Japanese yen, and it resulted in a $22.8 million pretax charge. That's a noncash, nonoperating-type charge and is one of the primary reasons why we look at our results excluding the Westinghouse segment.Read the rest of this transcript for free on seekingalpha.com