CB&I Q1 Net Income at USD 33.6 Mln, USA

CB&I reported net income for the first quarter of $33.6 million or $0.32 per diluted share, including the after tax impact of acquisition-related costs of $51.2 million, or $0.50 per diluted share.

Revenue for the first quarter of 2013 was $2.3 billion with new awards of $1.9 billion resulting in a backlog of $25.5 billion.  Consistent with previous years, the first quarter includes a disproportionate share of the Company’s annual stock-based compensation expense.

“CB&I had another successful quarter, including the achievement of an important strategic milestone with the financial close of the Shaw transaction on February 13,” said Philip K. Asherman, President and CEO. “For the first quarter, CB&I delivered strong growth in revenue and income from operations. Revenue was up 87% from $1.2 billion in the first quarter of 2012, and adjusted income from operations was $147.8 million, up 72% compared to the same period last year.  We are encouraged by the robust accretion of the acquisition. Our combined operations earned adjusted earnings per share of $0.82.”

“Revenues are performing as expected and despite the postponement of a major LNG project in Australia, we anticipate that continuing demand around the world for energy infrastructure will drive our new awards for 2013 to be within the guidance range we announced earlier this year,” continued Asherman.

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LNG World News Staff, May 3, 2013