Thursday, February 28, 2013

Chicago Bridge & Iron Release 4Q2012 Earnings

     Chicago Bridge & Iron(Ticker: CBI) reported fourth quarter earnings on Wednesday, reporting Net Income of $89.6 million, $.91 a share. This was 27% increase over 4Q last year, when Net Income was $70.6 million, or $.70 a share. Revenue for the quarter was $1.5 billion with new awards of $2.9 billion. The revenue was a 22.2% increase over Q4 revenue last year, which was $1.26 billion. The EPS of $.91 a share beat the 13 analysts polled by Thomas Reuters by 9.6%, as their estimate was $.83 a share. The company announced a special dividend of $.05, representing a yield .36%, to be given on March 28, with an ex-dividend day of March 14.
     CEO Phillip Asherman said of the quarter, “I am extremely pleased that CB&I has delivered another year of strong new awards and outstanding performance, resulting in double-digit backlog growth and earnings per share exceeding the top end of our expectations for 2012.” The company is beginning to successfully integrate their purchase of The Shaw Group, which was initially seen as a negative by investor and lead to a 14 % decrease in the shares of the company. Since, the company is once again trading at 52 week highs, with investors realizing the synergies of the acquisition and the expansion of CBI’s product line. As of Thursday, CBI was trading at $55.04 a share, an increase of 3.77% a share on the earnings news.