CB&I today reported net income of $59.5 million for the first quarter of 2012, compared with $50.5 million in the first quarter of 2011.
Revenue for the quarter was $1.2 billion compared with first quarter 2011 revenue of $954.3 million. New awards totaled $1.7 billion compared with $1.0 billion in the first quarter 2011, increasing the Company’s backlog to $9.6 billion. Included in these new awards were several Oil Sands opportunities, a FEED study for a U.S. LNG export project, and a U.S. Petrochemical expansion project.
CB&I returned $109.6 million to shareholders, which included $104.7 million of stock repurchases and $4.9 million through quarterly cash dividends. Cash and cash equivalents as of March 31, 2012 were $639.8 million. Consistent with previous years, the first quarter included a disproportionate share of the Company’s annual stock-based compensation expense (63% of the full-year expense).
“As our new awards demonstrate, the markets we’ve positioned ourselves in are developing as expected,” said Philip K. Asherman, President and CEO. “We had another very positive quarter by all metrics including our safety performance, earnings, cash generation, and backlog growth.”