CB&I today reported a net income of US$47.3 million for the second quarter of 2010. Revenue for the quarter was $916 million, up from $869 million in the first quarter of 2010.
New awards totaled $916 million for the quarter, including a new gas processing plant in California, an olefins technology license in China, a gas storage tank project in Abu Dhabi and a concept development award for an LNG liquefaction project in Russia. As of June 30, CB&I’s total backlog was $6.8 billion and cash equivalents totalled $300 million.
During the quarter, CB&I repurchased approximately 2.2 million shares of common stock for $40.7 million. CB&I also recently completed a 4-year, $1.1 billion, committed and unsecured revolving credit facility. The amended credit facility provides liquidity for working capital, mergers and acquisitions, as well as letters of credit in support of project awards.
‘It was a very good quarter with solid earnings and strong operating results across all sectors,’ said Philip K. Asherman, President and CEO. ‘Based on the quality of our backlog and our continuing confidence in the global markets we serve, we are raising our 2010 full year earnings guidance to $1.75 to $1.90 per share.’
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