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| 8-K - FORM 8-K - CHICAGO BRIDGE & IRON CO N V | a201603318-kpressrelease.htm |
Exhibit 99.1
 | NEWS RELEASE | |
For Immediate Release: | For Further Information Contact: | |
April 20, 2016 | Media: Gentry Brann, +1 832 513 1031 | |
Investors: Scott Lamb, +1 832 513 1068 | ||
CB&I Reports First Quarter Results
Strong Cash Flow Highlights the Quarter
THE WOODLANDS, Texas - April 20, 2016 - CB&I (NYSE:CBI) today announced first quarter 2016 net income of $107 million, or $1.01 per diluted share, compared to $132 million, or $1.21 per diluted share in the first quarter of 2015. Diluted earnings per share increased 5 percent in the first quarter of 2016 as compared to pro forma results for the comparable quarter in 2015, which exclude net income from the former nuclear construction business of $28 million, or $0.25 per diluted share. First quarter 2016 revenue of $2.7 billion compares to $3.1 billion in the first quarter of 2015, which included $488 million in revenue from the former nuclear business. On a pro forma basis, revenue increased slightly compared to 2015 first quarter results. New awards for the first quarter were $1.2 billion with a backlog of $21.2 billion.
Net cash provided by operating activities during the first quarter was $142 million, representing an increase of $432 million compared to the first quarter in 2015. Net operating cash flows combined with advance payments associated with equity-method joint ventures, which are reflected in cash flows from financing activities, totaled approximately $257 million during the first quarter 2016. At quarter end, cash and cash equivalents were $641 million, an increase of $294 million from the quarter-end balance for the first quarter 2015 and over $90 million from the year-end balance for 2015. In addition, during the quarter, total debt was reduced by $120 million from the year-end balance for 2015.
"Our cash generation in the first quarter reflects our ability to deliver on our capital allocation priorities of reducing leverage, returning capital to shareholders and investing in our business. Despite market uncertainty slowing the pace of new awards in the quarter, we maintained a healthy backlog and solid margins," said Philip K. Asherman, CB&I’s President and Chief Executive Officer. "Earnings lagged this quarter due to underperformance from our Fabrication Services group and a continuing softness in the technology licensing market worldwide. However, as previously communicated, we expect our new awards, revenue and earnings to progressively improve during the year, and we remain on track to perform within our guided ranges for 2016."
New awards for the first quarter include scope increases for an LNG mechanical erection and instrumentation project in Australia, refinery maintenance work in the United States and Canada, crude oil storage in the Middle East and Canada, petrochemical licensing in the Asia Pacific region, catalyst awards in the Middle East, environmental remediation work for the U.S. Navy, and a variety of technology and fabrication awards globally.
The tables below include reconciliations of GAAP financial results to non-GAAP financial results for 2015, which exclude results of the former nuclear construction business and the impact of the sale.
Earnings Conference Call
CB&I will host a webcast on April 20 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.
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience and the expertise of more than 40,000 employees, CB&I provides reliable solutions to our customers around the world 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
Cautionary Statement Regarding Forward-Looking Statements
This press 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, 2015, 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.
Chicago Bridge & Iron Company N.V. | |||||||||||||
Segment Information | |||||||||||||
(in thousands) | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2016 | 2015 | ||||||||||||
NEW AWARDS (1) | % of | % of | |||||||||||
Total | Total | ||||||||||||
Engineering & Construction | $ | 323,418 | 27% | $ | 1,209,407 | 40% | |||||||
Fabrication Services | 373,689 | 31% | 927,374 | 31% | |||||||||
Technology | 83,620 | 7% | 77,022 | 2% | |||||||||
Capital Services | 416,672 | 35% | 817,380 | 27% | |||||||||
Total | $ | 1,197,399 | $ | 3,031,183 | |||||||||
REVENUE | % of | % of | |||||||||||
Total | Total | ||||||||||||
Engineering & Construction | $ | 1,516,328 | 57% | $ | 1,818,586 | 58% | |||||||
Fabrication Services | 517,576 | 19% | 637,809 | 21% | |||||||||
Technology | 64,562 | 3% | 99,361 | 3% | |||||||||
Capital Services | 569,267 | 21% | 569,989 | 18% | |||||||||
Total | $ | 2,667,733 | $ | 3,125,745 | |||||||||
INCOME FROM OPERATIONS | % of | % of | |||||||||||
Revenue | Revenue | ||||||||||||
Engineering & Construction | $ | 111,920 | 7.4% | $ | 136,418 | 7.5% | |||||||
Fabrication Services | 38,249 | 7.4% | 52,399 | 8.2% | |||||||||
Technology | 26,281 | 40.7% | 48,024 | 48.3% | |||||||||
Capital Services | 11,490 | 2.0% | 9,957 | 1.7% | |||||||||
Total | $ | 187,940 | 7.0% | $ | 246,798 | 7.9% | |||||||
(1) New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments. | |||||||||||||
Chicago Bridge & Iron Company N.V. | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three Months | ||||||||||||||
Ended March 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Revenue | $ | 2,667,733 | $ | 3,125,745 | ||||||||||
Cost of revenue | 2,380,128 | 2,755,574 | ||||||||||||
Gross profit | 287,605 | 370,171 | ||||||||||||
% of Revenue | 10.8 | % | 11.8 | % | ||||||||||
Selling and administrative expense | 92,597 | 109,101 | ||||||||||||
% of Revenue | 3.5 | % | 3.5 | % | ||||||||||
Intangibles amortization | 11,277 | 15,652 | ||||||||||||
Equity earnings | (3,990 | ) | (4,202 | ) | ||||||||||
Other operating (income) expense, net | (219 | ) | 2,822 | |||||||||||
Income from operations | 187,940 | 246,798 | ||||||||||||
% of Revenue | 7.0 | % | 7.9 | % | ||||||||||
Interest expense | (25,898 | ) | (22,286 | ) | ||||||||||
Interest income | 2,489 | 2,048 | ||||||||||||
Income before taxes | 164,531 | 226,560 | ||||||||||||
Income tax expense | (44,569 | ) | (69,811 | ) | ||||||||||
Net income | 119,962 | 156,749 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (13,037 | ) | (24,521 | ) | ||||||||||
Net income attributable to CB&I | $ | 106,925 | $ | 132,228 | ||||||||||
Net income attributable to CB&I per share: | ||||||||||||||
Basic | $ | 1.02 | $ | 1.22 | ||||||||||
Diluted | $ | 1.01 | $ | 1.21 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 104,803 | 108,197 | ||||||||||||
Diluted | 105,785 | 109,261 | ||||||||||||
Cash dividends on shares: | ||||||||||||||
Amount | $ | 7,359 | $ | 7,597 | ||||||||||
Per share | $ | 0.07 | $ | 0.07 | ||||||||||
Chicago Bridge & Iron Company N.V. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
(in thousands) | ||||||||||
March 31, | December 31, | |||||||||
2016 | 2015 | |||||||||
ASSETS | ||||||||||
Current assets | $ | 3,688,030 | $ | 3,367,299 | ||||||
Equity investments | 137,895 | 136,845 | ||||||||
Property and equipment, net | 593,064 | 604,043 | ||||||||
Goodwill and other intangibles, net | 4,119,851 | 4,122,455 | ||||||||
Other non-current assets | 941,863 | 961,418 | ||||||||
Total assets | $ | 9,480,703 | $ | 9,192,060 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Current maturities of long-term debt and other borrowings, net | $ | 980,671 | $ | 800,871 | ||||||
Other current liabilities | 4,333,739 | 4,056,077 | ||||||||
Long-term debt, net | 1,492,365 | 1,791,832 | ||||||||
Other non-current liabilities | 388,594 | 379,690 | ||||||||
Shareholders' equity | 2,285,334 | 2,163,590 | ||||||||
Total liabilities and shareholders’ equity | $ | 9,480,703 | $ | 9,192,060 | ||||||
Condensed Consolidated Statements of Cash Flows and Other Financial Data | ||||||||||
(in thousands) | ||||||||||
Three Months | ||||||||||
Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
CASH FLOWS | ||||||||||
Cash flows from operating activities | $ | 141,850 | $ | (289,871 | ) | |||||
Cash flows from investing activities | (47,499 | ) | (56,879 | ) | ||||||
Cash flows from financing activities | (11,392 | ) | 403,409 | |||||||
Effect of exchange rate changes on cash and cash equivalents | 8,305 | (60,965 | ) | |||||||
Increase (decrease) in cash and cash equivalents | 91,264 | (4,306 | ) | |||||||
Cash and cash equivalents, beginning of the year | 550,221 | 351,323 | ||||||||
Cash and cash equivalents, end of the period | $ | 641,485 | $ | 347,017 | ||||||
OTHER FINANCIAL DATA | ||||||||||
Increase in receivables, net | $ | (57,207 | ) | $ | (41,175 | ) | ||||
Change in contracts in progress, net | 58,361 | (330,345 | ) | |||||||
Decrease in inventory | 27,477 | 2,803 | ||||||||
Decrease in accounts payable | (87,753 | ) | (230,152 | ) | ||||||
Change in contract capital | $ | (59,122 | ) | $ | (598,869 | ) | ||||
Depreciation and amortization | $ | 31,801 | $ | 44,309 | ||||||
Capital expenditures | $ | 11,180 | $ | 8,978 | ||||||
March 31, 2016 | December 31, 2015 | |||||||||
Backlog (1) | $ | 21,163,059 | $ | 22,643,939 | ||||||
(1) Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements. | ||||||||||
Chicago Bridge & Iron Company N.V. | ||||||||||||||||||
Non-GAAP Supplemental Pro Forma Financial Data | ||||||||||||||||||
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations) | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
Three Months Ended March 31, 2015 (1) | ||||||||||||||||||
As Reported | Disposition Charges | Removal of Divested Business | Excluding Divested Business | |||||||||||||||
Revenue | $ | 3,125,745 | $ | — | $ | (488,259 | ) | $ | 2,637,486 | |||||||||
Income from operations | $ | 246,798 | $ | — | $ | (45,600 | ) | $ | 201,198 | |||||||||
Net income attributable to CB&I | $ | 132,228 | $ | — | $ | (27,816 | ) | $ | 104,412 | |||||||||
Net income attributable to CB&I per share (diluted) (2) | $ | 1.21 | $ | — | $ | (0.25 | ) | $ | 0.96 | |||||||||
New Awards | $ | 3,031,183 | $ | — | $ | (5,206 | ) | $ | 3,025,977 | |||||||||
Backlog | $ | 29,934,182 | $ | — | $ | (8,193,792 | ) | $ | 21,740,390 | |||||||||
Operating Cash Flows | $ | (289,871 | ) | $ | — | $ | 303,600 | $ | 13,729 | |||||||||
Three Months Ended June 30, 2015 (1) | ||||||||||||||||||
As Reported | Disposition Charges | Removal of Divested Business | Excluding Divested Business | |||||||||||||||
Revenue | $ | 3,207,113 | $ | — | $ | (564,327 | ) | $ | 2,642,786 | |||||||||
Income from operations | $ | 284,107 | $ | — | $ | (71,800 | ) | $ | 212,307 | |||||||||
Net income attributable to CB&I | $ | 169,515 | $ | — | $ | (43,798 | ) | $ | 125,717 | |||||||||
Net income attributable to CB&I per share (diluted) (2) | $ | 1.55 | $ | — | $ | (0.40 | ) | $ | 1.15 | |||||||||
New Awards | $ | 2,844,516 | $ | — | $ | (574,719 | ) | $ | 2,269,797 | |||||||||
Backlog | $ | 29,432,933 | $ | — | $ | (8,204,184 | ) | $ | 21,228,749 | |||||||||
Operating Cash Flows | $ | 95,167 | $ | — | $ | 271,200 | $ | 366,367 | ||||||||||
Three Months Ended September 30, 2015 (1) | ||||||||||||||||||
As Reported | Disposition Charges | Removal of Divested Business | Excluding Divested Business | |||||||||||||||
Revenue | $ | 3,321,682 | $ | — | $ | (502,922 | ) | $ | 2,818,760 | |||||||||
(Loss) income from operations | $ | (889,962 | ) | $ | 1,160,480 | $ | (45,715 | ) | $ | 224,803 | ||||||||
Net (loss) income attributable to CB&I | $ | (740,433 | ) | $ | 904,230 | $ | (27,886 | ) | $ | 135,911 | ||||||||
Net (loss) income attributable to CB&I per share (diluted)(3) | $ | (7.02 | ) | $ | 8.56 | $ | (0.26 | ) | $ | 1.28 | ||||||||
New Awards | $ | 4,000,302 | $ | — | $ | (84,289 | ) | $ | 3,916,013 | |||||||||
Backlog | $ | 29,928,616 | $ | — | $ | (7,785,551 | ) | $ | 22,143,065 | |||||||||
Operating Cash Flows | $ | 21,282 | $ | — | $ | 305,685 | $ | 326,967 | ||||||||||
Three Months Ended December 31, 2015 (1) | ||||||||||||||||||
As Reported | Disposition Charges | Removal of Divested Business | Excluding Divested Business | |||||||||||||||
Revenue | $ | 3,274,964 | $ | — | $ | (505,659 | ) | $ | 2,769,305 | |||||||||
(Loss) income from operations | $ | (66,060 | ) | $ | 345,371 | $ | (52,035 | ) | $ | 227,276 | ||||||||
Net (loss) income attributable to CB&I | $ | (65,725 | ) | $ | 230,910 | $ | (31,741 | ) | $ | 133,444 | ||||||||
Net (loss) income attributable to CB&I per share (diluted)(3) | $ | (0.63 | ) | $ | 2.19 | $ | (0.30 | ) | $ | 1.26 | ||||||||
New Awards | $ | 3,262,497 | $ | — | $ | (8,151 | ) | $ | 3,254,346 | |||||||||
Backlog | $ | 22,643,939 | $ | — | $ | — | $ | 22,643,939 | ||||||||||
Operating Cash Flows | $ | 117,208 | $ | — | $ | 252,865 | $ | 370,073 | ||||||||||
Chicago Bridge & Iron Company N.V. | ||||||||||||||||||
Non-GAAP Supplemental Pro Forma Financial Data | ||||||||||||||||||
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations) | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
Twelve Months Ended December 31, 2015 (1) | ||||||||||||||||||
As Reported | Disposition Charges | Removal of Divested Business | Excluding Divested Business | |||||||||||||||
Revenue | $ | 12,929,504 | $ | — | $ | (2,061,167 | ) | $ | 10,868,337 | |||||||||
(Loss) income from operations | $ | (425,117 | ) | $ | 1,505,851 | $ | (215,150 | ) | $ | 865,584 | ||||||||
Net (loss) income attributable to CB&I | $ | (504,415 | ) | $ | 1,135,140 | $ | (131,241 | ) | $ | 499,484 | ||||||||
Net (loss) income attributable to CB&I per share (diluted)(3) | $ | (4.72 | ) | $ | 10.58 | $ | (1.22 | ) | $ | 4.64 | ||||||||
New Awards | $ | 13,138,498 | $ | — | $ | (672,365 | ) | $ | 12,466,133 | |||||||||
Backlog | $ | 22,643,939 | $ | — | $ | — | $ | 22,643,939 | ||||||||||
Operating Cash Flows | $ | (56,214 | ) | $ | — | $ | 1,133,350 | $ | 1,077,136 | |||||||||
(1) The summary unaudited pro forma financial information presented in the tables above is for illustrative purposes only and is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I’s consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I’s consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the year ended December 31, 2015 and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015. | ||||||||||||||||||
(2) The unadjusted and adjusted per share amounts for the three months ended March 31, 2015 and June 30, 2015 are based upon diluted weighted average shares of 109,261 and 109,533, respectively. | ||||||||||||||||||
(3) The unadjusted per share amounts for the three months ended September 30, 2015 and December 31, 2015 and twelve months ended December 31, 2015 are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 105,454, 104,763 and 106,766, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 106,322,105,926 and 107,719, respectively. | ||||||||||||||||||
Chicago Bridge & Iron Company N.V. | |||||||||||||||||||||||||||||||
Non-GAAP Supplemental Pro Forma Segment Information | |||||||||||||||||||||||||||||||
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations) | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||
March 31, 2015 (1) | June 30, 2015 (1) | September 30, 2015 (1) | December 31, 2015 (1) | December 31, 2015 (1) | |||||||||||||||||||||||||||
NEW AWARDS | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||
Total | Total | Total | Total | Total | |||||||||||||||||||||||||||
Engineering & Construction | $ | 1,204,201 | 40% | $ | 731,232 | 32% | $ | 2,323,546 | 60% | $ | 1,778,520 | 55% | $ | 6,037,499 | 48% | ||||||||||||||||
Fabrication Services | 927,374 | 31% | 844,715 | 37% | 840,658 | 21% | 493,816 | 15% | 3,106,563 | 25% | |||||||||||||||||||||
Technology | 77,022 | 2% | 81,087 | 4% | 97,539 | 2% | 321,892 | 10% | 577,540 | 5% | |||||||||||||||||||||
Capital Services | 817,380 | 27% | 612,763 | 27% | 654,270 | 17% | 660,118 | 20% | 2,744,531 | 22% | |||||||||||||||||||||
Total | $ | 3,025,977 | $ | 2,269,797 | $ | 3,916,013 | $ | 3,254,346 | $ | 12,466,133 | |||||||||||||||||||||
REVENUE | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||
Total | Total | Total | Total | Total | |||||||||||||||||||||||||||
Engineering & Construction | $ | 1,330,327 | 50% | $ | 1,351,795 | 51% | $ | 1,443,504 | 51% | $ | 1,510,891 | 55% | $ | 5,636,517 | 52% | ||||||||||||||||
Fabrication Services | 637,809 | 24% | 611,330 | 23% | 640,201 | 23% | 553,350 | 20% | 2,442,690 | 22% | |||||||||||||||||||||
Technology | 99,361 | 4% | 92,975 | 4% | 118,269 | 4% | 88,494 | 3% | 399,099 | 4% | |||||||||||||||||||||
Capital Services | 569,989 | 22% | 586,686 | 22% | 616,786 | 22% | 616,570 | 22% | 2,390,031 | 22% | |||||||||||||||||||||
Total | $ | 2,637,486 | $ | 2,642,786 | $ | 2,818,760 | $ | 2,769,305 | $ | 10,868,337 | |||||||||||||||||||||
INCOME FROM OPERATIONS | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||
Revenue | Revenue | Revenue | Revenue | Revenue | |||||||||||||||||||||||||||
Engineering & Construction | $ | 90,818 | 6.8% | $ | 104,667 | 7.7% | $ | 107,411 | 7.4% | $ | 112,484 | 7.4% | $ | 415,380 | 7.4% | ||||||||||||||||
Fabrication Services | 52,399 | 8.2% | 55,937 | 9.2% | 61,408 | 9.6% | 55,523 | 10.0% | 225,267 | 9.2% | |||||||||||||||||||||
Technology | 48,024 | 48.3% | 36,741 | 39.5% | 31,911 | 27.0% | 34,201 | 38.6% | 150,877 | 37.8% | |||||||||||||||||||||
Capital Services | 9,957 | 1.7% | 14,962 | 2.6% | 24,073 | 3.9% | 25,068 | 4.1% | 74,060 | 3.1% | |||||||||||||||||||||
Total | $ | 201,198 | 7.6% | $ | 212,307 | 8.0% | $ | 224,803 | 8.0% | $ | 227,276 | 8.2% | $ | 865,584 | 8.0% | ||||||||||||||||
(1) The summary unaudited pro forma financial information reflects the removal of the results of our nuclear power construction business sold on December 31, 2015 and reflects the removal of the related disposition charges incurred as a result of the sale, as quantified below. The information presented in the tables above is for illustrative purposes only. The exclusion of our nuclear power construction business and the $1,160,480 and $345,371 of charges related to the disposition of our nuclear operations for the three months ended September 30, 2015 and December 31, 2015, respectively, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See "Reconciliation of Non-GAAP Supplemental Pro Forma Segment Information to GAAP Information" table. | |||||||||||||||||||||||||||||||
Chicago Bridge & Iron Company N.V. | |||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Supplemental Pro Forma Segment Information to GAAP Information | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | December 31, 2015 | |||||||||||||||||||||||||||
NEW AWARDS | |||||||||||||||||||||||||||||||
Engineering & Construction | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 1,204,201 | $ | 731,232 | $ | 2,323,546 | $ | 1,778,520 | $ | 6,037,499 | |||||||||||||||||||||
Nuclear Operations | 5,206 | 574,719 | 84,289 | 8,151 | 672,365 | ||||||||||||||||||||||||||
Total | $ | 1,209,407 | $ | 1,305,951 | $ | 2,407,835 | $ | 1,786,671 | $ | 6,709,864 | |||||||||||||||||||||
CB&I | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 3,025,977 | $ | 2,269,797 | $ | 3,916,013 | $ | 3,254,346 | $ | 12,466,133 | |||||||||||||||||||||
Nuclear Operations | 5,206 | 574,719 | 84,289 | 8,151 | 672,365 | ||||||||||||||||||||||||||
Total | $ | 3,031,183 | $ | 2,844,516 | $ | 4,000,302 | $ | 3,262,497 | $ | 13,138,498 | |||||||||||||||||||||
REVENUE | |||||||||||||||||||||||||||||||
Engineering & Construction | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 1,330,327 | $ | 1,351,795 | $ | 1,443,504 | $ | 1,510,891 | $ | 5,636,517 | |||||||||||||||||||||
Nuclear Operations | 488,259 | 564,327 | 502,922 | 505,659 | 2,061,167 | ||||||||||||||||||||||||||
Total | $ | 1,818,586 | $ | 1,916,122 | $ | 1,946,426 | $ | 2,016,550 | $ | 7,697,684 | |||||||||||||||||||||
CB&I | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 2,637,486 | $ | 2,642,786 | $ | 2,818,760 | $ | 2,769,305 | $ | 10,868,337 | |||||||||||||||||||||
Nuclear Operations | 488,259 | 564,327 | 502,922 | 505,659 | 2,061,167 | ||||||||||||||||||||||||||
Total | $ | 3,125,745 | $ | 3,207,113 | $ | 3,321,682 | $ | 3,274,964 | $ | 12,929,504 | |||||||||||||||||||||
INCOME (LOSS) FROM OPERATIONS | % of | % of | % of | % of | % of | ||||||||||||||||||||||||||
Revenue | Revenue | Revenue | Revenue | Revenue | |||||||||||||||||||||||||||
Engineering & Construction | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 90,818 | 6.8% | $ | 104,667 | 7.7% | $ | 107,411 | 7.4% | $ | 112,484 | 7.4% | $ | 415,380 | 7.4% | ||||||||||||||||
Nuclear Operations | 45,600 | 71,800 | (1,114,765 | ) | (293,336 | ) | (1,290,701 | ) | |||||||||||||||||||||||
Total | $ | 136,418 | 7.5% | $ | 176,467 | 9.2% | $ | (1,007,354 | ) | (51.8)% | $ | (180,852 | ) | (9.0)% | $ | (875,321 | ) | (11.4)% | |||||||||||||
CB&I | |||||||||||||||||||||||||||||||
Excluding Nuclear Operations | $ | 201,198 | 7.6% | $ | 212,307 | 8.0% | $ | 224,803 | 8.0% | $ | 227,276 | 8.2% | $ | 865,584 | 8.0% | ||||||||||||||||
Nuclear Operations | 45,600 | 71,800 | (1,114,765 | ) | (293,336 | ) | (1,290,701 | ) | |||||||||||||||||||||||
Total | $ | 246,798 | 7.9% | $ | 284,107 | 8.9% | $ | (889,962 | ) | (26.8)% | $ | (66,060 | ) | (2.0)% | $ | (425,117 | ) | (3.3)% | |||||||||||||
Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com