CB&I Q2 income rises

CB&I reported adjusted net income for the second quarter of $148.3 million, excluding integration-related costs of $5.9 million.

Second quarter U.S. GAAP net income was $142.4 million, or $1.31 per diluted share. Revenue for the second quarter was $3.3 billion, up from $2.9 billion in the comparable prior year period. Second quarter new awards totaled $4.2 billion, which resulted in a backlog of $31.5 billion.

“I am pleased to report CB&I had another strong quarter – strategically, operationally and financially,” said Philip K. Asherman, President and Chief Executive Officer.

“Our unique business model which provides our clients a more complete supply chain solution allowed us to maximize our competitive position within the global energy infrastructure market. New awards through the first half of the year totaled over $10 billion, resulting in a record backlog of nearly $32 billion.”

Asherman also commended the employees’ performances with 42 million work hours and a safety record to boost.

“We continued to advance major project key milestones at levels that delivered growth in revenue and income from operations. Revenue was up 16  percent from the second quarter 2013 and adjusted income from operations was $270 million, up 38 percent from the comparable period last year,” he added.

“We remain confident in our ability to deliver revenue and earnings growth consistent with our expectations for 2014 and convert new awards activity into long-term earnings growth,” concluded Asherman.

Press Release, July 25, 2014; Image: CB&I