News Column

CB&I Reports Strong 2013 Fourth Quarter and Full-Year Results

February 27, 2014



ENP Newswire - 27 February 2014

Release date- 26022014 - THE WOODLANDS, Texas - CB&I (NYSE: CBI) today announced financial results for the fourth quarter and full-year 2013.

Net income for 2013 was $454.1 million, or $4.23 per diluted share, including acquisition and integration related costs of $73.3 million, or $0.68 per diluted share. CB&I's consolidated 2013 revenue was $11.1 billion, up from $5.5 billion in the prior year. New awards for 2013 totaled $12.3 billion, resulting in a backlog of $27.8 billion as of December 31, 2013.

In the fourth quarter, CB&I's net income was $196.8 million, or $1.80 per diluted share, including acquisition and integration related costs of $12.1 million, or $0.11 per diluted share. Revenue for the fourth quarter was $3.0 billion with new awards of $5.3 billion.

'With record high new awards and revenue, 2013 was without a doubt the strongest year in the company's 125 year history. Our 2013 net income, excluding acquisition and integration related costs, exceeded half a billion dollars, resulting in adjusted earnings per share of $4.91,' said Philip K. Asherman, President and Chief Executive Officer. 'In addition to our financial results, I am very proud to report that we executed 145 million work-hours in 2013, with one of the best safety records in our industry.

With this relentless focus and commitment to safety, our unique business model that delivers a more complete supply chain solution for our customers, nearly $30 billion in backlog and the assurance of long-term global energy demand, we expect CB&I to continue to deliver outstanding value to our shareholders.'

CB&I's $12.3 billion in 2013 new awards demonstrates the company's ability to capitalize on its breadth of offerings across its growing end markets.

Noteworthy awards and developments included a LNG contract for the first two trains at Freeport LNG, an award for an ethylene plant for Occidental in Texas, storage awards for LNG tanks in Asia and Australia, a propane terminal in Pennsylvania, a strategic partnership with China Power Investment Corporation (CPI) to jointly build nuclear power generation in China, a pipe fabrication award for a natural gas project in Australia, contracts for environmental remediation and Air Quality Control programs across the U.S., a plant services contract for Peru LNG, a paraxylene technology contract with GS Caltex, as well as numerous additional strategic petrochemical and refining technology licensing awards.

Earnings Conference Call

CB&I will host a webcast on February 25 at 4:00 p.m. CST (5:00 p.m. EST) to discuss financial and operating results, and answer questions from investors. The webcast will be available on the Investor Relations page of www.cbi.com.

About CB&I

CB&I (NYSE: CBI) is the most complete energy infrastructure focused company in the world and a major provider of government services. Drawing upon more than a century of experience and the expertise of approximately 55,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.cbi.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties.

When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as 'achieve,' 'forecast,' 'plan,' 'propose,' 'strategy,' 'envision,' 'hope,' 'will,' 'continue,' 'potential,' 'expect,' 'believe,' 'anticipate,' 'project,' 'estimate,' 'predict,' 'intend,' 'should,' 'could,' 'may,' 'might' or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and 'Forward-Looking Statements' described under 'Risk Factors' in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2013, and any updates to those risk factors or 'Forward-Looking Statements' included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Investor Contact:

Christi Thoms

Tel: +1 832 513 1200


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Source: ENP Newswire


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