Attached files
| file | filename |
|---|---|
| 8-K - CHICAGO BRIDGE & IRON COMPANY N.V. 8-K - CHICAGO BRIDGE & IRON CO N V | a6696166.htm |
Exhibit 99.1
CB&I Reports First Quarter 2011 Results
Earnings up 20% over Q1 2010
THE WOODLANDS, Texas--(BUSINESS WIRE)--April 26, 2011--CB&I (NYSE:CBI) today reported net income of $50.5 million, or $0.50 per diluted share, for the first quarter of 2011, compared with $42.2 million, or $0.42 per diluted share, in the first quarter of 2010. Revenue for the quarter was $954.3 million compared with first quarter 2010 revenue of $869.3 million. New awards totaled $1.012 billion compared with $560.2 million in the first quarter 2010, increasing the Company’s backlog to $7.04 billion.
During the quarter, the Company returned $42.0 million to shareholders, which included $37.0 million of stock repurchases and $5.0 million through the resumption of quarterly cash dividends. Cash and cash equivalents as of March 31 were $430.3 million.
“CB&I had solid operating performance in all three business sectors, leading to a first quarter consolidated gross profit of 14.3%, and operating income of 7.9% of revenue,” said Philip K. Asherman, President and CEO. “As we look to the future, the momentum in our end markets, our ability to capitalize on major new opportunities, and our proven technology and project execution capabilities reinforce our confidence in the earnings potential of the Company.”
Earnings Conference Call
CB&I will host a webcast on April 26 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 is available at www.CBI.com Investor Relations/Company Highlights.
About CB&I
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 www.cbi.com.
Forward-Looking Statement
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.
|
Chicago Bridge & Iron Company N.V. |
|||||||||||
|
Consolidated Statements of Operations |
|||||||||||
|
(in thousands, except per share data) |
|||||||||||
| Three Months | |||||||||||
| Ended March 31, | |||||||||||
| 2011 | 2010 | ||||||||||
| Revenue | $ | 954,271 | $ | 869,324 | |||||||
| Cost of revenue | 817,555 | 747,043 | |||||||||
| Gross profit | 136,716 | 122,281 | |||||||||
| % of Revenue | 14.3 | % | 14.1 | % | |||||||
| Selling and administrative expenses | 57,665 | 51,248 | |||||||||
| % of Revenue | 6.0 | % | 5.9 | % | |||||||
| Intangibles amortization | 6,292 | 5,948 | |||||||||
| Other operating (income) expense, net | (898 | ) | 73 | ||||||||
| Equity earnings | (1,346 | ) | (3,509 | ) | |||||||
| Income from operations | 75,003 | 68,521 | |||||||||
| % of Revenue | 7.9 | % | 7.9 | % | |||||||
| Interest expense | (3,057 | ) | (3,720 | ) | |||||||
| Interest income | 1,372 | 1,236 | |||||||||
| Income before taxes | 73,318 | 66,037 | |||||||||
| Income tax expense | (21,754 | ) | (21,132 | ) | |||||||
| Net income | 51,564 | 44,905 | |||||||||
| Less: Net income attributable to noncontrolling interests | (1,058 | ) | (2,714 | ) | |||||||
| Net income attributable to CB&I | $ | 50,506 | $ | 42,191 | |||||||
| Net income attributable to CB&I per share: | |||||||||||
| Basic | $ | 0.51 | $ | 0.43 | |||||||
| Diluted | $ | 0.50 | $ | 0.42 | |||||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 98,540 | 98,728 | |||||||||
| Diluted | 100,847 | 100,952 | |||||||||
| Cash dividends on shares: | |||||||||||
| Amount | $ | 4,990 | $ | - | |||||||
| Per Share | $ | 0.05 | $ | - | |||||||
|
Chicago Bridge & Iron Company N.V. |
||||||||||||||
|
Segment Information |
||||||||||||||
|
(in thousands) |
||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
|
|
2011 | 2010 | ||||||||||||
| % of | % of | |||||||||||||
| NEW AWARDS* | Total | Total | ||||||||||||
| CB&I Steel Plate Structures | $ | 291,544 | 29 | % | $ | 187,430 | 33 | % | ||||||
| CB&I Lummus | 586,703 | 58 | % | 273,710 | 49 | % | ||||||||
| Lummus Technology | 133,316 | 13 | % | 99,100 | 18 | % | ||||||||
| Total | $ | 1,011,563 | $ | 560,240 | ||||||||||
| % of | % of | |||||||||||||
| REVENUE | Total | Total | ||||||||||||
| CB&I Steel Plate Structures | $ | 368,708 | 38 | % | $ | 334,908 | 38 | % | ||||||
| CB&I Lummus | 464,570 | 49 | % | 466,102 | 54 | % | ||||||||
| Lummus Technology | 120,993 | 13 | % | 68,314 | 8 | % | ||||||||
| Total | $ | 954,271 | $ | 869,324 | ||||||||||
| % of | % of | |||||||||||||
| INCOME FROM OPERATIONS | Revenue | Revenue | ||||||||||||
| CB&I Steel Plate Structures | $ | 36,924 | 10.0 | % | $ | 32,093 | 9.6 | % | ||||||
| CB&I Lummus | 15,015 | 3.2 | % | 19,288 | 4.1 | % | ||||||||
| Lummus Technology | 23,064 | 19.1 | % | 17,140 | 25.1 | % | ||||||||
| Total | $ | 75,003 | 7.9 | % | $ | 68,521 | 7.9 | % | ||||||
|
* New awards represents the value of new project commitments received by the Company during a given period. |
||||||||||||||
|
|
||||||||||||||
|
Chicago Bridge & Iron Company N.V. |
||||||||||
|
Condensed Consolidated Balance Sheets |
||||||||||
|
(in thousands) |
||||||||||
| March 31, | December 31, | |||||||||
| 2011 | 2010 | |||||||||
| ASSETS | ||||||||||
| Current assets | $ | 1,320,975 | $ | 1,206,648 | ||||||
| Equity investments | 93,846 | 92,400 | ||||||||
| Property and equipment, net | 279,359 | 290,206 | ||||||||
| Goodwill and other intangibles, net | 1,164,014 | 1,154,256 | ||||||||
| Other non-current assets | 159,475 | 166,024 | ||||||||
| Total assets | $ | 3,017,669 | $ | 2,909,534 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| Notes payable | $ | 4,817 | $ | 334 | ||||||
| Current maturity of long-term debt | 40,000 | 40,000 | ||||||||
| Other current liabilities | 1,452,246 | 1,400,299 | ||||||||
| Long-term debt | 40,000 | 40,000 | ||||||||
| Other non-current liabilities | 338,865 | 345,056 | ||||||||
| Shareholders' equity | 1,141,741 | 1,083,845 | ||||||||
| Total liabilities and shareholders' equity | $ | 3,017,669 | $ | 2,909,534 | ||||||
|
Chicago Bridge & Iron Company N.V. |
||||||||||
|
Condensed Consolidated Statements of Cash Flows and Other Financial Data |
||||||||||
|
(in thousands) |
||||||||||
| Three Months Ended March 31, | ||||||||||
| 2011 | 2010 | |||||||||
| CASH FLOWS | ||||||||||
| Cash flows from operating activities | $ | (39,362 | ) | $ | 14,279 | |||||
| Cash flows from investing activities | (2,416 | ) | (2,970 | ) | ||||||
| Cash flows from financing activities | (24,238 | ) | (3,121 | ) | ||||||
| Effect of exchange rate changes on cash | 14,535 | 2,567 | ||||||||
| (Decrease) increase in cash and cash equivalents | (51,481 | ) | 10,755 | |||||||
| Cash and cash equivalents, beginning of the year | 481,738 | 326,000 | ||||||||
| Cash and cash equivalents, end of the period | $ | 430,257 | $ | 336,755 | ||||||
| OTHER FINANCIAL DATA | ||||||||||
| (Increase) decrease in receivables, net | $ | (122,931 | ) | $ | 49,548 | |||||
| Change in contracts in progress, net | (13,196 | ) | 9,408 | |||||||
| Increase (decrease) in accounts payable | 39,314 | (92,949 | ) | |||||||
| Change in contract capital | $ | (96,813 | ) | $ | (33,993 | ) | ||||
| Depreciation and amortization | $ | 17,266 | $ | 19,721 | ||||||
| Capital expenditures | $ | 5,013 | $ | 4,478 | ||||||
| March 31, | December 31, | |||||||||
| 2011 | 2010 | |||||||||
| Backlog * | $ | 7,039,712 | $ | 6,906,633 | ||||||
|
* 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. |
||||||||||
|
|
||||||||||
CONTACT:
CB&I
Media: Jan Sieving, +1
832-513-1111
or
Investors: Christi Thoms, +1
832-513-1200