On October 23rd, Chicago Bridge and Iron released earnings for the third quarter of 2012. The company reported a net income of $80.2 million, equivalent to $0.82 per diluted share for 2012 Q3, versus $72.2 million, or $0.72 per diluted share for the same period of 2011. It further reports revenue for the quarter of $1.45 billion, increasing from $1.3 billion in 2011. Revenue and earnings per share were estimated at $1.47 billion and $0.81 respectively. Out of the company’s businesses, project engineering and construction and Lummus-technology increased their revenue versus 2011 Q3, while revenue from the steel-plate structures business decreased. New awards for the period were $930 million, compared to $3.8 billion in 2011, and the company had a backlog of $9.5 billion by the end of the quarter. A total of $4.8 million was paid in dividends to shareholders during the quarter.
CB&I is looking at the future with confidence. In addition to the strong recent results, the company announced that they are expecting to finalize its acquisition of The Shaw Group Inc. in the first quarter of 2013, further improving and diversifying CB&I’s competitiveness in power generation.