CB&I first quarter profit drops
The LNG engineer Chicago Bridge & Iron (CB&I) reported a net income of US$25 million for the first quarter of 2017, as compared to $107 million for the first quarter of 2016.
First quarter 2017 revenue was $2.4 billion, as compared to $2.7 billion in the first quarter of 2016, CB&I said in its quarterly report.
The company booked new awards in the first quarter amounting to $3.3 billion, as compared to $1.2 billion for the first quarter of 2016, with its backlog at the end of the first quarter of 2017 reaching $19.3 billion.
“Each of our operating groups reported solid earnings for the quarter with the exception of engineering & construction, which was negatively impacted by underperformance on two union construction projects. Overall, new awards exceeded our expectations, indicating the rebound of opportunities in our end markets, specifically in the United States, Middle East and China,” said Philip K. Asherman, CB&I’s president and CEO.
CB&I further added that its 2017 guidance remains unchanged with revenue still at $9.5 billion – $10.5 billion.