The Woodlands, TX – CB&I (NYSE: CBI) announced today third quarter 2015 net income was $163.8 million, on an adjusted, non-GAAP basis, or $1.54 per diluted share.
Revenues for the third quarter were $3.3 billion, including a $290 million negative impact attributable to the translation effect of the strong dollar.
Net cash provided by operating activities during the third quarter was $21 million. New awards for the third quarter were $4 billion, with new awards for the first nine months of 2015 approaching $10 billion. Backlog remains fairly constant at $29.9 billion, including a year-to-date adverse foreign exchange impact of approximately $450 million.
[quote align=”center” color=”#999999″]“CB&I’s performance remains solid. Our new awards continue to emphasize the benefit of our strong competitive positioning, integrated delivery platform, selectivity and healthy underpinning. We are confident in our ability to convert major prospects into new backlog in the fourth quarter of 2015 and in 2016, while sustaining robust margins and maximizing operating cash flow performance.” Philip K. Asherman, CB&I’s President and Chief Executive Officer [/quote]
Significant new awards for the third quarter 2015 included engineering, procurement and construction for petrochemical facilities and a chemicals plant in the U.S., fabrication awards for low-temperature tanks and spheres for natural gas liquids in the U.S., technology licensing for a petrochemical plant in the U.S. and catalysts sales in North America and Africa, power plant maintenance services in the U.S., military installation fuel services for the U.S. federal government, work for the U.S. Army Corps of Engineers, chemical plant maintenance, as well as site construction for a hydrotreater in the U.S. New awards also included scope increases related to existing projects and a variety of technology and fabrication awards globally.
The tables below include a reconciliation of non-GAAP information and pro-forma financial data for the third quarter and year to date to illustrate financial results excluding the nuclear business. Results on a GAAP basis include a non-cash after-tax charge of $904 million resulting from the company’s recently announced divestment of its nuclear construction business.
Earnings Conference Call
CB&I will host a webcast on November 5 at 4:00 p.m. Central time (5:00 p.m. Eastern time) 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.
CB&I (NYSE: CBI) is the most complete energy infrastructure focused company in the world. With 125 years of experience and the expertise of approximately 54,000 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.
Important Information For Investors And Shareholders
Get the whole story plus Reconciliation Statement here:
(in thousands, except per share data)