Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Second Quarter (2Q) Update
CB&I Sees Upswing in Revenues in Second Quarter
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CB&I reported adjusted net income for the second quarter of $148.3 million, or $1.36 per diluted share, excluding integration related costs of $5.9 million, or $0.05 per diluted share.
Second quarter U.S. GAAP net income was $142.4 million, or $1.31 per diluted share. Revenue for the second quarter was $3.3 billion, up from $2.9 billion in the comparable prior year period. Second quarter new awards totaled $4.2 billion, which resulted in a backlog of $31.5 billion.
Philip K. Asherman, President and Chief Executive Officer, commented: "I am pleased to report CB&I had another strong quarter - strategically, operationally and financially. Our unique business model which provides our clients a more complete supply chain solution allowed us to maximize our competitive position within the global energy infrastructure market. New awards through the first half of the year totaled over $10 billion, resulting in a record backlog of nearly $32 billion. Our employees working on our global projects and in shops, labs and engineering offices performed more than 42 million work hours in the quarter and with one of the best safety records in our industry. We continued to advance major project key milestones at levels that delivered growth in revenue and income from operations. Revenue was up 16 percent from the second quarter 2013 and adjusted income from operations was $270 million, up 38 percent from the comparable period last year.
"We remain confident in our ability to deliver revenue and earnings growth consistent with our expectations for 2014 and convert new awards activity into long-term earnings growth."
Noteworthy awards in the quarter included a combined-cycle gas turbine power station in the U.S.; technology license and FEED scope for a world-scale ethane cracker in the U.S. and a refinery in Russia; significant maintenance, modification and construction awards for U.S. nuclear power units; long-term maintenance and operations at multiple chemicals facilities throughout the U.S.; storage spheres for a grassroots refinery in Saudi Arabia; storage for an ammonia plant expansion in the U.S.; delayed coking, hydrocracking, crude and vacuum heaters in Oman; operations and services work for the U.S. EPA; as well as numerous strategic technology, environmental and pipe fabrication awards around the world.