CB&I has reported net income of $61.9 million, or $0.62 per diluted share, for the second quarter of 2011. Revenue for the quarter was $1.1 billion.
New awards for the second quarter totaled $1.2 billion, including a gas processing plant in the northeastern U.S., an engineering contract for an offshore platform in the North Sea, and storage tank projects in the Canadian oil sands and the Bahamas. Backlog as of June 30 was $7.3 billion.
Last week, CB&I announced a $2.3 billion contract for the mechanical, electrical and instrumentation work on the Gorgon LNG project in Western Australia, and today, the company announced a $500 million contract for two LNG storage tanks on another Australian LNG project. These awards are not reflected in second quarter results and will be included in the third quarter earnings report.
“We are very pleased with the magnitude of new awards we have announced so far this year,” said Philip K. Asherman, President and CEO. “This reflects both the growing momentum in our end markets and ongoing client confidence in our capabilities. Additionally, our operational execution and financial performance have been very strong, providing us with greater visibility into the full year. As a result we are adjusting our 2011 full-year guidance.”
CB&I’s guidance for 2011 is:
New Awards: $6.8 – $7.2 billion
Revenue: $4.3 – $4.7 billion
Earnings per Share: $2.35 – $2.45
During the first half of 2011, the Company returned $99.3 million to shareholders, which included $89.4 million of stock repurchases and $9.9 million through the quarterly cash dividends. Cash and cash equivalents as of June 30, 2011 were $375.9 million.
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