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CB&I release results

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Hydrocarbon Engineering,

Chicago Bridge & Iron (CB&I) have announced their financial results for the third quarter 2016 (3Q16).

CB&I has reported a net income of US$121.8 million, or US$1.20 per diluted share, for the third quarter of 2016, (3Q16) as compared to a net loss of US$740.4 million, or US$7.02 per diluted share, for the third quarter of 2015 (3Q15). On an adjusted basis, net income for the 3Q15 was US$135.9 million, or US$1.28 per diluted share.

3Q16 revenue was US$2.8 billion, as compared to US$3.3 billion in the 3Q15, or US$2.8 billion on an adjusted basis.

Net cash provided by operating activities totalled US$176 million in the period, for a total of US$495 million year to date.

New awards for the 3Q16 were US$2.7 billion, as compared to US$4 billion for the 3Q15, or US$3.9 billion on an adjusted basis. The company's backlog at the end of the 3Q16 was US$20 billion.

"Our results for the third quarter were strong, despite the headwinds of the market and movement on the timing of several new awards," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "New awards, revenues, operating income and margins, and earnings per share all reached their highest points ‘year to date’. We continue to be optimistic with a very active prospect list that we expect to see awarded in the fourth quarter and into 2017."

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