CB&I reported net income of $72.3 million for the second quarter of 2012, compared with $61.9 millio in the second quarter of 2011.
Revenue for the quarter was $1.3 billion versus $1.1 billion in the comparable period. New awards totaled $1.8 billion compared with $1.2 billion, increasing the company’s backlog to over $10.0 billion.
During the quarter, the company returned $23.4 million to shareholders, which included $18.6 million of stock repurchases and $4.8 million through quarterly cash dividends. Cash and cash equivalents as of June 30 were $552.8 million.
“I am extremely pleased to report that each of our business sectors, Lummus Technology, Project Engineering and Construction and Steel Plate Structures had a very strong quarter, leading to record levels of backlog and net income for our company,” said Philip K. Asherman, President and CEO. “Our market momentum, operational execution and financial performance have been trending as expected, providing us with greater visibility and confidence into the full year. As a result we are adjusting our 2012 full-year guidance.”
LNG World News Staff, July 25, 2012