CBI reported Q1 eps of $.60, five cents off of the streets estimates and revenue came in at $1.2 billion compared to street estimate of $1.27 billion. Net earnings grew 18% year over year led by growth at its project engineering and construction business. The quarter was hurt by lower than expected Steel Plate revenue and Lumus Technology income plus higher SG&A. Margins were higher than expected due to new awards in the quarter across all of their business sectors. While 85% of their work is still outside the U.S., 75% of their work from the first quarter was from North America. And with strong international position in key end-markets, there's exciting development of new energy driven infrastructure driven by shale gas and non conventional oil production presents a great oppertunity for CB&I to sustain growth well into the future. CEO Phillip Asherman said, "And so for 2012 we remain confident and the guidance we provided during our investor day in November and anticipate another solid year ahead for Chicago Birdge and Iron Company." CBI gained 1.1% despite missing earnings due to a positive outlook for the rest of the year.