Chicago Bridge & Iron 2Q Results Climb
biz.yahoo.com
Wednesday July 27, 7:13 am ET
Chicago Bridge & Iron Posts Better-Than-Expected Earnings, Sales for the Second Quarter
THE WOODLANDS, Texas (AP) -- Chicago Bridge & Iron Co., a maker of flat-bottom tanks for storing crude oil, water and chemicals, said Wednesday that earnings quadrupled in the second quarter, and the company raised guidance for new business in 2005.
Net income rose to $21.1 million, or 21 cents per share, from $4.9 million, or 5 cents per share, a year ago. Revenue increased 32 percent to $549.3 million from $415.4 million in the second quarter of 2004.
The results topped analysts' expectations for profit of 20 cents per share on sales of $516.7 million, according to a Thomson Financial survey.
The company said new business grew 38 percent to $550 million from $398 million a year ago. Contract awards during the quarter included the previously announced liquefied natural gas import terminal in China, refinery sulfur processing projects in the U.S. and storage projects in the Middle East.
In the North America segment, revenue increased 47 percent, due mainly to higher backlog and a larger volume of process-related work. Revenue in the Europe, Africa and Middle East segment increased 8 percent due to the continued ramp-up of LNG work in Britain, while revenue in the Asia Pacific division grew 20 percent on higher volume in Australia.
Gerald M. Glenn, CB&I's chairman, president and CEO, said, "With new business taken of $2 billion for the first half, and solid prospects for the balance of the year, we now expect full-year 2005 new business taken to reach at least $3 billion, up about 30 percent from our previous guidance of $2.2 billion to $2.4 billion." |
