CB&I has reported an adjusted net income for 2014 of US$568.7 million, excluding integration related costs of US$25.1 million net of tax. For the year, GAAP net income was US$543.6 million.
CB&I's consolidated 2014 revenue climbed 17% to US$13 billion, from US$11.1 billion in 2013. New awards for the year totalled US$16.3 billion, which resulted in a backlog of US$30.4 billion.
For 4Q14, CB&I's adjusted net income was US$161.3 million, excluding acquisition and integration related costs of US$10.9 million net of tax. GAAP net income for the quarter was US$150.4 million, and revenue stood at US$3.4 billion with new awards of US$3.3 billion. Cash from operating activities for the fourth quarter was US$613.3 million, resulting in US$264 million for the year.
Philip K. Asherman, CB&I's President and Chief Executive Officer, said: "We are pleased to deliver another year of strong safety, operational and financial performance. Our new awards and backlog are at record levels, and our prospect list for 2015 supports our outlook for sustained earnings growth.
“Despite the uncertainty generated by lower oil prices, our customers continue to rely on us to deliver solutions for their major capital projects. Over the last two years we made great progress in reducing costs and generating efficiencies across the organisation, and believe our cost discipline coupled with the benefits of our diversified integrated offerings will allow us to maintain our performance and provide solid returns for our shareholders."
In a statement, CB&I said that new awards of US$16.3 billion for the year highlight the breadth and reach of its offerings across its end markets. Awards included bookings in the US, such as the engineering and construction of a three train LNG export terminal.
Globally, the company also booked structural, mechanical and piping construction for an LNG project, amongst other projects.
Mr Asherman continued: "We project less than 5% of our revenue from new bookings could be affected by timing risks associated with lower oil prices. Accordingly, we think it is prudent to marginally adjust our guidance to revenue of US$14.4 billion - US$15.2 billion.”
Adapted from press release by Callum O'Reilly
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