CB&I sees revenues double in third quarter
By Sarah Ann McCay31 October 2013
US contractor Chicago Bridge & Iron Company (CB&I) reported strong growth in revenues and net income for the third quarter ended 30 September, 2013.
CB&I announced net income of US$ 117.7 million, up from US$ 80 million for Q3 2012. Revenue for the third quarter was US$ 3 billion, up from US$ 1.5 billion for the same period in 2012.
New business awards totalled US$ 2.5 billion, resulting in a backlog of US$ 24.5 billion.
2013 is CB&I's first year as combined company following its merger with Shaw Group in 2012.
"CB&I had another successful quarter and continued to deliver growth in revenue and income from operations. Revenue was up +107% from US$ 1.4 billion in the third quarter 2012," said Philip K. Asherman, president and CEO.
"We are confident in our ability to convert major prospects into new backlog in the fourth quarter of 2013 and in 2014, while sustaining the margins in the end markets we serve."
Year-to-date figures up to September 30, 2013 placed revenue at US$ 8 billion, more than double the previous year’s figure of US$ 3.9 billion. Net income for the nine months totalled US$ 257 million, up from US$ 212 million for the same period in 2012.