CB&I 2Q Net Income at USD 106 Mln, USA

July 31, 2013

CB&I reported net income for the second quarter of $106.0 million, or $0.98 per diluted share, including the after tax impact of acquisition-related costs of $6.3 million, or $0.06 per diluted share. Revenue for the second quarter was $2.9 billion with new awards of $2.5 billion, resulting in a backlog of $24.5 billion.

“I am pleased to report that CB&I delivered strong execution in the second quarter,” saidPhilip K. Asherman, President and CEO. “The company continued to deliver growth in revenue and income from operations. Revenue was up 119% from $1.3 billion in the second quarter 2012, and adjusted income from operations was $195.4 million, up 87% from the comparable period last year. CB&I reported second quarter adjusted earnings per share of $1.04.”

“Our operational execution and financial performance have been trending as expected, and the market momentum continues but with timing of anticipated major EPC awards and delays due to governmental approvals, we have adjusted our new awards guidance for the year, and maintain our guidance for revenue and adjusted earnings per share,” continued Asherman.

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LNG World News Staff, July 31, 2013