CB&I (NYSE: CBI) today reported net income of $72.2 million, or $0.72 per diluted share, for the third quarter of 2011. Revenue for the quarter was $1.3 billion.
New awards for the third quarter exceeded $3.8 billion, including a $2.3 billion contract in Australia for the mechanical, electrical and instrumentation work on the Gorgon project; a $500 million contract for LNG storage tanks for an Australia LNG project; a project specification contract for the Arrow LNG project in Australia; and a $60 million storage tank contract in Saudi Arabia. Backlog as of September 30 was $9.3 billion, up from $6.9 billion at year-end 2010.
"I am pleased to report a very strong quarter on all fronts - strategically, operationally and financially," said Philip K. Asherman, President and CEO. "CB&I is well positioned to capitalize on the increasing global demand for energy infrastructure, particularly in our LNG, gas processing and oil sands markets. Based on our financial strength, market momentum and operational performance, we are confident we will continue to meet expectations for the remainder of the year and into 2012."
CB&I is adjusting its EPS guidance to $2.40 - $2.50. New Awards guidance is unchanged at $6.8 - $7.2 billion. Revenue guidance remains $4.3 - $4.7 billion.
In the first nine months of 2011, the company returned $115 million to shareholders, which included $100 million of stock repurchases and $15 million through the quarterly cash dividends. Cash and cash equivalents as of September 30 were $540 million.
Earnings Conference Call
CB&I will host a webcast on October 25 at 4:00 p.m. CDT (5:00 p.m. EDT) to discuss financial and operating results, and answer questions from investors. The webcast is available at http://www.CBI.com Investor Relations/Company Highlights.
CB&I (NYSE:CBI) engineers and constructs some of the world's largest energy infrastructure projects. With premier process technology, proven EPC expertise, and unrivaled storage tank experience, CB&I executes projects from concept to completion. Safely. Reliably. Globally. For more information, visit http://www.CBI.com.
This release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might," or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2010, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.