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Chicago Bridge & Iron's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CBI

Now, I would like to turn the call over to Mr. Philip Asherman, President and CEO of Chicago Bridge and Iron. Please go ahead, sir.

Philip Asherman

Good afternoon and thank you for joining us as we report Chicago Bridge and Iron's results for the second quarter 2012. With me today are CB&I's Chief Operating Officer, Lasse Petterson, who will report on our project engineering and construction, and Steel Plate Structure sectors. Dan McCarthy, President of Lummus Technology, reporting on the sector's result and outlook, and our Chief Financial Officer, Ron Ballschmiede, who will discuss our second quarter financial performance and outlook for the year. We will then open the call for your questions.

I am pleased to report that second quarter results were strong across the entire business, with backlog and net income reaching an all time high compared to any previous quarter since the company went public in 1997. Our new awards for the quarter were a mix of announced projects of over $500 million. Growth on existing projects of nearly $750 million, with another $600 million of smaller underpinning works spread across the three business sectors.

We also got off to a great start for the third quarter by a recent announcement of the $225 million (inaudible) project in New South Wales, Australia. The backlog, which now exceeds $10 billion is long term and durable. We have the opportunity in front of us to significantly grow the backlog, with potential awards to some very meaningful projects over the next year, as LNG development in Australia and the United States move forward, and new regions, particularly East Africa, started getting some traction.

The same thing could be said about the burgeoning gas process and petrochemical businesses in the U.S., and increasing engineering opportunities in offshore pipelines, and new opportunities for our global tank and storage business.

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