LNG engineer CB&I reported net income for the first quarter of $132.2 million, an increase of 40% as compared to the same period in 2014.
Revenues for the first quarter were $3.1 billion, up from $2.9 billion, or 7% from the first quarter 2014. New awards for the first quarter totaled $3 billion, which resulted in a backlog of approximately $30 billion, the company said in a statement.
“CB&I delivered solid first quarter operational and financial performance,” said Philip K. Asherman, CB&I’s President and Chief Executive Officer. “Revenues experienced some headwinds due to the effects of the strong dollar on our international work, which comprised nearly 40 percent of our revenues this quarter.”
CB&I’s earnings for the first quarter include stock-based compensation expense of approximately $32 million. Stock-based compensation expense for the remainder of 2015 is expected to be approximately $14 million per quarter.
CB&I’s first quarter noteworthy awards include a third LNG train for the Freeport LNG export terminal, additional fabrication services for U.S. LNG export facility projects, plant services for a refinery in Texas, a polypropylene technology contract and storage awards for petrochemical developments in the Middle East, storage tanks in South America and Canada, technology and FEED contracts for a delayed coker unit for a refinery in Europe, scope increases from LNG mechanical erection project in Australia and a variety of technology and fabrication awards globally.