CB&I posts strong 2014 profit with record awards

Texas-based CB&I reported a net income for 2014 of $568.7 million.

CB&I’s consolidated 2014 revenue was $13 billion, up from $11.1 billion, a 17 percent increase from the prior year. New awards for the year totaled $16.3 billion, which resulted in a backlog of $30.4 billion, the company said in a statement.

For the fourth quarter, CB&I’s net income was $161.3 million, excluding acquisition and integration-related costs of $10.9 million. Revenue for the fourth quarter was $3.4 billion with new awards of $3.3 billion. Cash from operating activities for the fourth quarter was $613.3 million, resulting in $264.0 million for the year.

New awards of $16.3 billion for the year included strong bookings in the United States such as the engineering and construction of a three train LNG export terminal; two combined cycle gas turbine power projects; an ammonia storage tank; pipe fabrication for a propane dehydrogenation unit; nuclear and petrochemical facility maintenance work; as well as various decommissioning and decontamination, environmental remediation and government services awards.

Globally, CB&I booked noteworthy awards for engineering and procurement for a clean fuels project; structural, mechanical and piping construction for an LNG project; construction of petroleum storage tanks; licensing for a grassroots ethylene plant; engineered products for refining, petrochemicals and gas processing facilities; strategic technology licenses; and  numerous additional steel plate storage and fabrication awards.

Commenting on CB&I’s outlook for 2015, Philip K. Asherman, CB&I’s CEO stated, “We project less than 5 percent of our revenue from new bookings could be affected by timing risks associated with lower oil prices. Accordingly, we think it is prudent to marginally adjust our guidance to revenue of $14.4 billion – $15.2 billion.”

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Image: CB&I