CB&I has reported an adjusted net income for the second quarter of 2014 of US$ 148.3 million. Revenue for Q2 was US$ 3.3 billion, up from US$ 2.9 billion in the comparable prior year period.
New contract awards in the second quarter totalled US$ 4.2 billion, which resulted in a backlog of US$ 31.5 billion.
Commenting on the results, President and CEO, Philip Asherman, said: "I am pleased to report CB&I had another strong quarter - strategically, operationally and financially. Our unique business model which provides our clients a more complete supply chain solution allowed us to maximise our competitive position within the global energy infrastructure market. New awards through the first half of the year totalled over US$ 10 billion, resulting in a record backlog of nearly US$ 32 billion.
“Our employees working on our global projects and in shops, labs and engineering offices performed more than 42 million work hours in the quarter and with one of the best safety records in our industry. We continued to advance major project key milestones at levels that delivered growth in revenue and income from operations. Revenue was up 16% from the second quarter 2013 and adjusted income from operations was US$ 270 million, up 38% from the comparable period last year.
"We remain confident in our ability to deliver revenue and earnings growth consistent with our expectations for 2014 and convert new awards activity into long-term earnings growth."
Noteworthy awards in the quarter included:
- A combined-cycle gas turbine power station in the US
- Technology license and FEED scope for an ethane cracker in the US and a refinery in Russia
- Maintenance, modification and construction awards for US nuclear power units
- Long-term maintenance and operations at multiple chemicals facilities throughout the US
- Storage spheres for a grassroots refinery in Saudi Arabia
- Storage for an ammonia plant expansion in the US
- Delayed coking, hydrocracking, crude and vacuum heaters in Oman
- Operations and services work for the US EPA (Environmental Protection Agency)
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25072014/cbi-reports-second-quarter-results-1069/