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

Stocks in this article: CBI

But in all the excitement around the mega projects and developing end markets, I want to highlight the outstanding performance of Lummus Technology. Driven by some very important new awards this quarter, totaling over $300 million and producing 25% on income from operations, this sector continues to underpin our income stream cash flows, while providing critical visibility into future energy CapEx and opportunities around the world. Dan will give you the detail in a minute.

I am also pleased to report that we continue to record outstanding safety performance around the world. Year-to-date, and on nearly $40 million man hours at work, CB&I remains in the top tier, of one of the safest companies in the industry, and as I have repeatedly said, we are firm in our belief that our relentless focus on safety as a primary core value, and our goal of 'Nobody Gets Hurt' at CB&I, is not only a tremendous competitive advantage, but drives recruiting, retention, and client confidence, and most importantly, it's just the right thing to do for our employees.

Now as we have done in previous years, we take the same quarter report as an opportunity to calibrate our guidance, given the increased visibility into our current backlog and potential new awards, and I am pleased to report that we see the year unfolding as we had projected in our original guidance last November. In addition to engineering and construction awards, we are experiencing tremendous results from technology, steel plate structures, engineering awards, and significant growth on existing projects, which when consolidated have a meaningful impact on the quarter and our outlook for the year.

So we are reaffirming our new awards guidance for the year, of $5.5 billion to $7 billion, and have narrowed the range for revenue to $5.4 billion to $5.6 billion, and earnings per share to $2.85 to $3.05.

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