USA: CB&I Q3 Net Income at USD 72.2 Million

October 26, 2011

CB&I reported net income of $72.2 million, or $0.72 per diluted share, for the third quarter of 2011. Revenue for the quarter was $1.3 billion.

New awards for the third quarter exceeded $3.8 billion, including a $2.3 billion contract in Australia for the mechanical, electrical and instrumentation work on the Gorgon project; a $500 million contract for LNG storage tanks for an Australia LNG project; a project specification contract for the Arrow LNG project in Australia; and a $60 million storage tank contract in Saudi Arabia. Backlog as of September 30 was $9.3 billion, up from $6.9 billion at year-end 2010.

“I am pleased to report a very strong quarter on all fronts – strategically, operationally and financially,” said Philip K. Asherman, President and CEO. “CB&I is well positioned to capitalize on the increasing global demand for energy infrastructure, particularly in our LNG, gas processing and oil sands markets. Based on our financial strength, market momentum and operational performance, we are confident we will continue to meet expectations for the remainder of the year and into 2012.”

CB&I is adjusting its EPS guidance to $2.40 – $2.50. New Awards guidance is unchanged at $6.8 – $7.2 billion. Revenue guidance remains $4.3 – $4.7 billion.

In the first nine months of 2011, the company returned $115 million to shareholders, which included $100 million of stock repurchases and $15 million through the quarterly cash dividends. Cash and cash equivalents as of September 30 were $540 million.

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Source: CB&I, October 26, 2011