CB&I reports 3Q15 results
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
CB&I has announced that its 3Q15 net income was US$163.8 million, on an adjusted, non-GAAP basis, or US$1.54 per diluted share. Revenues for the third quarter were US$3.3 billion, including a US$290 million negative impact attributable to the translation effect of the strong dollar. Net cash provided by operating activities during the third quarter was US$21 million. New awards for the third quarter were US$4 billion, with new awards for the first nine months of 2015 approaching US$10 billion. Backlog remains fairly constant at US$29.9 billion, including a year-to-date adverse foreign exchange impact of approximately US$450 million.
"CB&I's performance remains solid," said Philip K. Asherman, CB&I's President and CEO. "Our new awards continue to emphasise the benefit of our strong competitive positioning, integrated delivery platform, selectivity and healthy underpinning. We are confident in our ability to convert major prospects into new backlog in 4Q15 and in 2016, while sustaining robust margins and maximising operating cash flow performance."
Significant new awards for 3Q15 included engineering, procurement and construction for petrochemical facilities and a chemicals plant in the US, fabrication awards for low-temperature tanks and spheres for natural gas liquids in the US, technology licensing for a petrochemical plant in the US and catalysts sales in North America and Africa, power plant maintenance services in the US, military installation fuel services for the US federal government, work for the US Army Corps of Engineers, chemical plant maintenance, as well as site construction for a hydrotreater in the US New awards also included scope increases related to existing projects and a variety of technology and fabrication awards globally.
The tables below include a reconciliation of non-GAAP information and pro-forma financial data for the third quarter and year to date to illustrate financial results excluding the nuclear business. Results on a GAAP basis include a non-cash after-tax charge of US$904 million resulting from the company's recently announced divestment of its nuclear construction business.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/06112015/cbi-reports-3q15-results-1563/
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