CB&I Net Profit at USD 454.1 Mln

CB&I said its net income for 2013 was $454.1 million, or $4.23 per diluted share, including acquisition and integration related costs of $73.3 million, or $0.68 per diluted share. CB&I’s consolidated 2013 revenue was $11.1 billion, up from $5.5 billion in the prior year. New awards for 2013 totaled $12.3 billion, resulting in a backlog of $27.8 billion as of December 31, 2013.

In the fourth quarter, CB&I’s net income was $196.8 million, or $1.80 per diluted share, including acquisition and integration related costs of $12.1 million, or $0.11 per diluted share. Revenue for the fourth quarter was $3.0 billion with new awards of $5.3 billion.

“With record high new awards and revenue, 2013 was without a doubt the strongest year in the company’s 125 year history. Our 2013 net income, excluding acquisition and integration related costs, exceeded half a billion dollars, resulting in adjusted earnings per share of $4.91,” said Philip K. Asherman, President and Chief Executive Officer. “In addition to our financial results, I am very proud to report that we executed 145 million work-hours in 2013, with one of the best safety records in our industry. With this relentless focus and commitment to safety, our unique business model that delivers a more complete supply chain solution for our customers, nearly $30 billion in backlog and the assurance of long-term global energy demand, we expect CB&I to continue to deliver outstanding value to our shareholders.”

CB&I’s $12.3 billion in 2013 new awards demonstrates the company’s ability to capitalize on its breadth of offerings across its growing end markets. Noteworthy awards and developments included a LNG contract for the first two trains at Freeport LNG, an award for an ethylene plant for Occidental in Texas, storage awards for LNG tanks in Asia and Australia, a propane terminal in Pennsylvania, a strategic partnership with China Power Investment Corporation (CPI) to jointly build nuclear power generation in China, a pipe fabrication award for a natural gas project in Australia, contracts for environmental remediation and Air Quality Control programs across the U.S., a plant services contract for Peru LNG, a paraxylene technology contract with GS Caltex, as well as numerous additional strategic petrochemical and refining technology licensing awards.