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CB&I reports $25 million net income for Q1 2017
May '17
CB&I has reported net income of $25 million, or $0.24 per diluted share, for the first quarter of 2017, as compared to $107 million, or $1.01 per diluted share, for Q1 2016. First quarter 2017 revenue was $2.4 billion, as against $2.7 billion in Q1 2016. The company's new awards for Q1 were $3.3 billion, as compared to $1.2 billion in Q1 2016.

CB&I's backlog at the end of the first quarter of 2017 was $19.3 billion, said the company in a press release.

"New awards exceeded our expectations, indicating the rebound of opportunities in our end markets, specifically in the US, Middle East and China," said Philip K Asherman, CB&I's president and chief executive officer. "I am especially proud of our outstanding safety record, having performed more than 51 million work hours with zero lost-time incidents in the past six months."

The company expects to earn revenue between $9.5 billion and $10.5 billion, or $3.5-$4 per diluted share. (KD)

Fibre2Fashion News Desk – India

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