LNG awards boost CB&I results

CB&I reported adjusted net income for the third quarter of US$ 164.7 million, or US$ 1.51 per diluted share, excluding integration related costs of US$ 2.8 million, or US$ 0.03 per diluted share, up 35% from the third quarter 2013.

Revenue for the third quarter was US$ 3.4 billion, up from US$ 3.0 billion, or 13% from the third quarter 2013. New awards for the third quarter totaled US$ 3.0 billion, which resulted in a backlog of US$ 30.7 billion.

Comments

Commenting on the results, President and CEO, Philip K. Asherman, said: “We are pleased with the third quarter results and US$ 13 billion in new awards year to date, which reflect our ability to capitalise on key end markets we have been pursuing across our operating groups.

"Our net cash provided from operating activities for the quarter was US$ 25.1 million, and our liquidity is solid. We enter the fourth quarter forecasted to achieve revenue and EPS consistent with market expectations, and we look forward to a strong start to 2015."

LNG awards

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 those in the LNG sector, ranging from additional scope to front end engineering and design (FEED) for LNG export terminals in North America.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/24102014/cbi-third-quarter-results-1660/