CB&I Reports Third Quarter 2010 Results (USA)
CB&I today reported net income of $51.8 million, or $0.52 per diluted share, for the third quarter of 2010.
Revenue for the quarter was $909.1 million and New Awards totaled $893.1 million. Cash and cash equivalents increased to $361 million as of September 30, up from $300 million at the beginning of the third quarter.
“CB&I is on track to deliver solid earnings for 2010, and is positioned for continued strong performance into 2011,” said Philip K. Asherman, President and CEO. “Our end markets, particularly technology, LNG, oil sands, gas processing and the demand for global storage, are fundamentally strong in our key geographic regions.”
CB&I designs, engineers and constructs some of the world’s largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 16,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies and catalysts for petrochemical facilities, oil refineries and gas processing plants.
Source: CB&I, October 27, 2010