CB&I

Chicago Bridge & Iron (CB&I) has delivered a reasonably good financial performance in the first quarter of this year, attributed mostly to it work in the energy sector. The company earned a revenue of $2.4bn in Q1 2017. New contract awards for the first quarter were $3.3bn, as compared to $1.2bn in Q1 2016. The company’s backlog at the end of Q1 2017 was $19.3bn. “Each of our operating groups reported solid earnings for the quarter with the exception of Engineering & Construction, which was negatively impacted by underperformance on two union construction projects. Overall, new awards exceeded our expectations, indicating the rebound of opportunities in our end markets, specifically in the United States, Middle East and China,” Philip K Asherman, CB&I’s president and CEO commented.