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CB&I Reports 2012 Fourth Quarter And Full-Year Results

CB&I (NYSE: CBI) today reported net income for the fourth quarter of $89.6 million, or $0.91 per diluted share, versus $70.5 million or $0.70 per diluted share in the fourth quarter of 2011. Revenue for the quarter was $1.5 billion, with new awards of $2.9 billion.

For the full-year, net income was $301.7 million, or $3.07 per diluted share, up 20% in earnings per share year-over-year. CB&I’s consolidated 2012 revenue was $5.5 billion, up 21% from the prior year. Cash and cash equivalents as of December 31, 2012 were $643.4 million.

“I am extremely pleased that CB&I has delivered another year of strong new awards and outstanding performance, resulting in double-digit backlog growth and earnings per share exceeding the top end of our expectations for 2012,” said Philip K. Asherman, President and CEO. “I am particularly proud that we continue to achieve exceptional safety performance around the world. On nearly 71 million work-hours at year-end and with one of our businesses having executed more than 39 million work-hours with zero lost time incidents, CB&I remains in the top tier of safest companies in the industry. Our relentless focus on safety provides the company with not only a tremendous competitive advantage, but also drives recruiting, retention, and client confidence, and most importantly it’s the right thing to do for our employees.”

New Awards for 2012 totaled $7.3 billion, reflecting the company’s ability to capitalize on its global end markets across each of its business sectors. Noteworthy 2012 awards included FEED contracts for Freeport LNG in the U.S. and Andarko’s Mozambique LNG project, an Oil Sands award for the Kearl Expansion in Canada, Gas Processing projects in Australia and Denmark, an Offshore contract for the Mariner Topsides project in the North Sea, a Paraxylene technology award by Reliance for the world’s largest aromatics complex, as well as numerous additional strategic Petrochemical and Refining technology licensing awards.

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