CB&I’s third quarter income rises 35 pct
CB&I reported adjusted net income for the third quarter of $164.7 million, up 35 percent from the third quarter in 2013.
In the quarter GAAP net income was $161.8 million, up 37 percent over the comparable period. Revenue for the third quarter was $3.4 billion, up from $3.0 billion, or 13 percent from the third quarter 2013.
New awards for the third quarter totaled $3.0 billion, which resulted in a backlog of $30.7 billion.
CB&I’s third quarter new awards reflect the continuing development of major oil, gas and petrochemical projects in North America, robust storage and fabrication activity in the Middle East and high demand for technology solutions globally, particularly in Asia Pacific and the Middle East.
Significant awards by end markets included LNG, ranging from additional scope to front end engineering and design (FEED) for LNG export terminals in North America; Petrochemicals, ranging from technology and engineering for polypropylene and gasification units in China to on-purpose propylene in Europe; Refining, including technology and storage in the Middle East and Asia; and Gas Processing, including the supply of process modules in North America.
Press Release, October 24, 2014; Image: CB&I