CB&I Reports 2014 First Quarter Results

                   CB&I Reports 2014 First Quarter Results  Backlog Grows to $30.7 Billion  PR Newswire  THE WOODLANDS, Texas, April 23, 2014  THE WOODLANDS, Texas, April 23, 2014 /PRNewswire/ --CB&I (NYSE: CBI) today reported adjusted net income for the first quarter of $94.4 million, or $0.87 per diluted share, excluding integration related costs of $8.1 million, or $0.05 per diluted share. First quarter GAAP net income was $89.0 million, or $0.82 per diluted share.Revenue for the first quarter was $2.9 billion, up from $2.3 billion, or 30 percent, over the comparable period. First quarter new awards totaled $5.8 billion, which resulted in a backlog of $30.7 billion.  "Over the past two quarters, CB&I has booked more than $11 billion in new awards, which includes $5.8 billion in the current quarter," said Philip K. Asherman, President and Chief Executive Officer. "These awards are diverse in size, value and geography and reflect our ability to continue to capitalize on our global end markets across each of our operating groups. Noteworthy awards in the quarter included Sempra's Cameron LNG facility; structural, mechanical and piping constructionwork for Chevron's Wheatstone LNG facility; FEED and ethylene technology for ORPIC's Liwa Plastics project; engineering and project management services for the development of the South Caucasus Pipeline Expansion; engineering and procurement of desulfurization units for the Mina Abdullah refinery; nuclear facility modifications; environmental monitoring; decommissioning and dismantlement of a nuclear reactor; pipe fabrication for a propane dehydrogenation unit for Enterprise; the licensing, engineering design and catalyst supply for three grassroots refinery units in China; as well as numerous additional strategic technology licensing and catalysts awards.  "CB&I's revenue and earnings also remain solid," continued Mr. Asherman. "Our earnings results for the quarter included $43 million for annual stock-based compensation expenses, or $0.27 per diluted share. Stock-based compensation expenses for the remainder of 2014 are expected to be approximately $8 million, or $0.05 per diluted share, per quarter."  Earnings Conference Call CB&I will host a webcast on April 23 at 4 p.m. Central time (5 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 the most complete energy infrastructure focused company in the world and a major provider of government services. With 125 years of experience and the expertise of approximately 55,000 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  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, 2013, 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,                                      2014                2013 Revenue                              $  2,928,132       $  2,251,429 Cost of revenue                      2,626,730           2,005,285       Gross profit                   301,402             246,144       % of Revenue                   10.3%               10.9% Selling and administrative expense   119,167             93,968       % of Revenue                   4.1%                4.2% Intangibles amortization             16,234              9,188 Equity earnings                      (4,165)             (4,485) Other operating income, net          (384)               (297) Acquisition and integration related  8,067               61,256 costs       Income from operations         162,483             86,514       % of Revenue                   5.5%                3.8% Interest expense                     (18,887)            (22,746) Interest income                     2,060               1,871       Income before taxes            145,656             65,639 Income tax expense                   (42,910)            (22,767)       Net income                     102,746             42,872 Less: Net income attributable to     (13,795)            (9,264) noncontrolling interests       Net income attributable to     $    88,951      $    33,608       CB&I Net income attributable to CB&I per share:       Basic                          $      0.83    $      0.33       Diluted                        $      0.82    $      0.32 Weighted average shares outstanding:       Basic                          107,677             101,802       Diluted                        109,113             103,507 Cash dividends on shares:       Amount                         $     7,559     $     5,345       Per Share                      $      0.07    $      0.05 Non-GAAP Supplemental Information (amounts adjusted to exclude Shaw acquisition and integration related costs) (1)       Adjusted income from           $   170,550      $   147,770       operations       Adjusted % of Revenue          5.8%                6.6%       Adjusted net income            $    94,437      $    84,856       attributable to CB&I       Adjusted net income       attributable to CB&I per share $      0.87    $      0.82       (diluted)       The exclusion of Shaw acquisition and integration related costs is a ^(1)  non-GAAP financial measure, which we believe provides users a better       indication of our operating performance. See Reconciliation of       Non-GAAP Supplemental Information table.    Chicago Bridge & Iron Company N.V. Segment Information (in thousands)                      Three Months Ended March 31,                      2014                           2013                                    % of                         % of NEW AWARDS ^(1)                    Total                        Total Engineering, Construction and     $4,924,319    85%              $1,000,450    52% Maintenance ^(2) Fabrication Services 493,974       8%               707,706       36% Technology           100,201       2%               152,748       8% Environmental        278,995       5%               85,045        4% Solutions ^(2) Total              $5,797,489                     $1,945,949                                    % of                         % of REVENUE                            Total                        Total Engineering, Construction and     $1,968,711    67%              $1,499,776    66% Maintenance ^(2) Fabrication Services 630,408       22%              495,048       22% Technology           144,076       5%               151,482       7% Environmental        184,937       6%               105,123       5% Solutions ^(2) Total              $2,928,132                     $2,251,429                                    % of                          % of INCOME FROM                        Revenue                      Revenue OPERATIONS Engineering, Construction and     $   88,778  4.5%             $   66,533  4.4% Maintenance ^(2) Fabrication Services 40,413        6.4%             45,024        9.1% Technology           41,171        28.6%            35,542        23.5% Environmental        188           0.1%             671           0.6% Solutions ^(2) Total operating      $  170,550   5.8%             $  147,770   6.6% groups Acquisition and integration related  (8,067)                        (61,256) costs  Total              $  162,483   5.5%             $   86,514  3.8% (1)         New awards represents the value of new project commitments             received by the Company during a given period.             The 2013 results for a large engineering, procurement and             construction project in the U.S. that was previously reported             within our Environmental Solutions (formerly Government Solutions) (2)         operating group has been reclassified to our Engineering,             Construction and Maintenance operating group to conform to its             classification in 2014, reflecting the present management             oversight for the project.      Chicago Bridge & Iron Company N.V. Condensed Consolidated Balance Sheets (in thousands)                                           March 31,       December 31,                                           2014            2013 ASSETS Current assets                            $            $                                                  3,387,947      3,389,565 Equity investments                        90,867          101,754 Property and equipment, net               780,122         788,797 Goodwill and other intangibles, net       4,837,257       4,854,191 Other non-current assets                  237,883         255,286           Total assets                    $            $                                                  9,334,076      9,389,593 LIABILITIES AND SHAREHOLDERS' EQUITY Current maturities of long-term debt and  $           $         revolver borrowings                       434,754        215,000 Other current liabilities                 4,244,711       4,582,624 Long-term debt                           1,600,000       1,625,000 Other non-current liabilities             439,493         459,531 Shareholders' equity                      2,615,118       2,507,438           Total liabilities and           $            $                  shareholders' equity            9,334,076      9,389,593 Chicago Bridge & Iron Company N.V. Condensed Consolidated Statements of Cash Flows and Other Financial Data (in thousands)                                           Three Months                                           Ended March 31,                                           2014            2013 CASH FLOWS Cash flows from operating activities      $           $                                                   (145,752)       (312,215) Cash flows from investing activities      (22,026)        (1,752,351) Cash flows from financing activities      152,250         1,821,239 Effect of exchange rate changes on cash   15,189          (7,242) and cash equivalents Decrease in cash and cash equivalents     (339)           (250,569) Cash and cash equivalents, beginning of   420,502         643,395 the year Cash and cash equivalents, end of the     $           $         period                                    420,163        392,826 OTHER FINANCIAL DATA Decrease (increase) in receivables, net   $           $                                                   111,885        (153,647) Change in contracts in progress, net      (422,510)       (180,030) Decrease (increase) in inventory          10,968          (4,302) Decrease in accounts payable              (838)           (28,720)           Change in contract capital      $           $                                                   (300,495)       (366,699) Depreciation and amortization            $          $                                                    45,625         28,637 Capital expenditures                      $          $                                                    26,485         14,932                                           March 31, 2014  December 31, 2013 Backlog ^(1)                              $             $                                                 30,680,626     27,794,212 ^(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. Reconciliation of Non-GAAP Supplemental Information (in thousands, except per share data)                                          Three Months                                          Ended March 31,                                          2014                  2013 Adjusted income from operations      Income from operations              $162,483              $ 86,514      Acquisition and integration         8,067                 61,256      related costs      Adjusted income from                $170,550              $147,770      operations      Adjusted % of Revenue               5.8%                  6.6% Adjusted net income attributable to CB&I      Net income attributable to          $ 88,951             $ 33,608      CB&I      Acquisition and integration         5,486                 51,248      related costs, net of tax (1)      Adjusted net income                 $ 94,437             $ 84,856      attributable to CB&I Adjusted net income attributable to CB&I per share      Net income attributable to          $   0.82            $   0.32      CB&I      Acquisition and integration         0.05                  0.50      related costs, net of tax (1)      Adjusted net income                 $   0.87            $   0.82      attributable to CB&I      The three month period ended March 31, 2014, includes $8,067 of ^(1) integration related costs, less the tax impact of $2,581. The per share      amount for the three month period is based upon diluted weighted average      shares of 109,113.      The three month period ended March 31, 2013, includes $61,256 of      acquisition and integration related costs and $10,517 of acquisition      related pre-closing financing costs and one-time financial commitments      (both included in interest expense). These costs total $71,773 less the      tax impact of $20,525. The per share amount for the three month period is      based upon diluted weighted average shares of 103,507.  For more information, visit www.cbi.com  Logo - http://photos.prnewswire.com/prnh/20130430/DA04155LOGO  SOURCE CB&I  Website: http://www.cbi.com Contact: Media, www.cbi.com, Investors, Christi Thoms, +1 832 513 1200  
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