CB&I posts 14 pct income rise in second quarter
Texas-based CB&I reported a net income for the second quarter of $169.5 million an increase of 14% from adjusted net income for the comparable period in 2014.
Revenues were $3.2 billion, including a $240 million negative impact attributable to the translation effect of the strong dollar. Net cash provided by operating activities during the second quarter was $95 million. New awards for the second quarter totaled $2.8 billion, and new awards for the first six months totaled $5.9 billion. Backlog remained fairly constant at nearly $29.4 billion, including an adverse foreign exchange impact of $270 million year to date, the company informed in a statement.
During the quarter, CB&I and its joint venture partners Chiyoda Corporation and Saipem were selected by Anadarko Petroleum Corporation to design and construct process and ancillary infrastructure associated with its LNG development program in Mozambique. CB&I expects to book its share of the initial phase of the project in the fourth quarter.
Commenting on the results, Philip K. Asherman, CB&I’s President and Chief Executive Officer said, “The U.S. remains a great opportunity for us particularly in LNG, petrochemicals and fossil power generation markets. East Africa will be a source of solid backlog for many years as Anadarko and other owners develop their assets.”
Globally, CB&I booked noteworthy awards for a combined-cycle gas turbine power project in the U.S., multiple maintenance services awards in North and South America, engineered products in Russia and Mexico, and a variety of technology and fabrication awards.