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.”
CB&I reported net income for the fourth quarter of $70.5 million, versus $63.2 million in 2010. Revenue for the quarter was $1.3 billion, with new awards of $772.4 million.
For the full-year, net income was $255.0 million. CB&I’s consolidated 2011 revenue was $4.6 billion, up 25% over 2010. Cash and cash equivalents as of December 31, 2011 were $671.8 million, versus $481.7 million as of December 31, 2010.
“I’m extremely proud of our employees for delivering another year of outstanding performance,” said Philip K. Asherman, President and CEO. “Looking to the future, we expect to continue to execute our healthy backlog, leverage our unique business model to capture growth opportunities, and help our clients meet the growing global demand for energy infrastructure, which gives us strong confidence in the future of CB&I.”
New Awards for 2011 totaled $6.8 billion, reflecting the company’s ability to capitalize on its global end markets across each of its business sectors. Noteworthy 2011 awards included a $2.3 billion contract in Australia for the Gorgon project, an Oil Sands contract for Kearl in Canada, a Gas Processing award in the U.S. for Dominion, an LNG storage project in the Asia Pacific region, an Offshore award for Nexen in the North Sea, a Refinery heater award in Russia, as well as various strategic Petrochemical and Refining technology licensing awards.
- USA: Helix’s Oil & Gas Revenues Rise on High Prices and Lift in Production (mb50.wordpress.com)
- Tenneco 4Q net income rises 67 percent (mysanantonio.com)