Chicago Bridge & Iron (CBI) Tops Q1 EPS by 9c, Beats on Revenues

Chicago Bridge & Iron (NYSE: CBI) reported Q1 EPS of $0.43, $0.09 better than the analyst estimate of $0.34. Revenue for the quarter came in at $1.75 billion versus the consensus estimate of $1.63 billion.

Highlights

• 78 percent increase in net income versus year-ago quarter
• Solid operating performance in Fabrication Services, Technology and E&C groups, including no material charges on Cameron LNG, Freeport LNG and Calpine power projects
• Cost reduction program and higher-margin mix yield gross margin improvement of 170 basis points versus year-ago quarter
• 12 percent reduction in sales and administrative expense versus year-ago quarter
• Company engaged in high level of bidding activity, with attractive prospect list for 2018
• Combination with McDermott International expected to close in May, subject to the receipt of CB&I and McDermott stockholder approvals and satisfaction of all other closing conditions

For earnings history and earnings-related data on Chicago Bridge & Iron (CBI) click here.

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