Strong start for CB&I

US contractor Chicago Bridge & Iron (CB&I) reported a strong first quarter for fiscal 2014 as backlog grew to US$ 30.7 billion after winning US$ 5.8 billion in new business. The firm reported a backlog of US$ 25.5 billion for the same period in 2013.

"Over the past two quarters, CB&I has booked more than US$ 11 billion in new awards, which includes US$ 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 capitalise on our global end markets across each of our operating groups.”

The contractor, which acquired rival US contractor Shaw Group in February 2013, posted net income of US$ 94.4 million for Q1, 2014, this compared to a net income of US$ 33.6 million for the same period in 2013.

Revenue for the first quarter was US$2.9 billion, up +30% on 2013's figure of US$ 2.3 billion.