CB&I reported adjusted net income for the first quarter of $94.4 million, excluding integration related costs of $8.1 million.
First quarter GAAP net income was $89.0 million. Revenue for the first quarter was $2.9 billion, up from $2.3 billion, or 30 percent, over the comparable period. First quarter new awards totaled $5.8 billion, which resulted in a backlog of $30.7 billion.
“Over the past two quarters, CB&I has booked more than $11 billion in new awards, which includes $5.8 billion in the current quarter,” said Philip K. Asherman, President and Chief Executive Officer. “These awards are diverse in size, value and geography and reflect our ability to continue to capitalize on our global end markets across each of our operating groups. Noteworthy awards in the quarter included Sempra’s Cameron LNG facility; structural, mechanical and piping construction work for Chevron’s Wheatstone LNG facility; FEED and ethylene technology for ORPIC’s Liwa Plastics project; engineering and project management services for the development of the South Caucasus Pipeline Expansion; engineering and procurement of desulfurization units for the Mina Abdullah refinery ; nuclear facility modifications; environmental monitoring; decommissioning and dismantlement of a nuclear reactor; pipe fabrication for a propane dehydrogenation unit for Enterprise; the licensing, engineering design and catalyst supply for three grassroots refinery units in China ; as well as numerous additional strategic technology licensing and catalysts awards.
“CB&I’s revenue and earnings also remain solid,” continued Asherman. “Our earnings results for the quarter included $43 million for annual stock-based compensation expenses, or $0.27 per diluted share. Stock-based compensation expenses for the remainder of 2014 are expected to be approximately $8 million, or $0.05 per diluted share, per quarter.”
Press Release, April 24, 2014; Image: CB&I