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

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SOURCE CB&I

Website: http://www.cbi.com
Contact: Media, www.cbi.com, Investors, Christi Thoms, +1 832 513 1200
 
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