CB&I reported net income of $80.2 million for the third quarter of 2012, compared with $72.2 million in the third quarter of 2011.
Revenue for the quarter was $1.4 billion, up from $1.3 billion over the comparable period. New awards for the quarter totaled $930 million, and the company’s backlog at the end of the quarter totaled $9.5 billion.
“I am extremely pleased to report another quarter of strong earnings and revenue growth, reflecting solid performance and robust end markets throughout the world,” said Philip K. Asherman, President and CEO . “Looking ahead, we are well-positioned in the industries we serve and see significant growth opportunities, particularly in U.S. petrochemicals and global LNG. In addition, we expect to complete the Shaw acquisition in the first quarter, considerably expanding our ability to compete for and execute the world’s largest energy infrastructure projects, regardless of type, scope, or location.”
During the third quarter, the company returned $4.8 million to shareholders through quarterly cash dividends. Cash and cash equivalents as of September 30 were $655 million, up from $553 million the prior quarter.
[mappress] LNG World News Staff, October 24, 2012