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 CB&I Reports First Quarter 2017 Financial Results
   Monday, May 08, 2017 4:15:00 PM ET

CB&I (CBI ) today reported net income of $25 million, or $0.24 per diluted share, for the first quarter of 2017, as compared to $107 million, or $1.01 per diluted share, for the first quarter of 2016. First quarter 2017 revenue was $2.4 billion, as compared to $2.7 billion in the first quarter of 2016.

New awards for the first quarter were $3.3 billion, as compared to $1.2 billion for the first quarter of 2016. The company’s backlog at the end of the first quarter of 2017 was $19.3 billion.

"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," said Philip K. Asherman, CB&I’s President and Chief Executive Officer. "I’m especially proud of our outstanding safety record, having performed more than 51 million work hours with zero lost-time incidents in the past six months."

New awards for the quarter include an engineering, procurement and construction contract valued at $1.3 billion with Total Petrochemicals & Refining USA for an ethane cracker project in Texas, CB&I’s fourth new ethane construction project on the U.S. Gulf Coast; a $600 million contract by a leading integrated energy company for the engineering, procurement, construction and commissioning of a combined-cycle power plant in the southern United States; and multiple multi-technology and licensing awards in China.

The company is adjusting its 2017 guidance as follows:

-- Revenue: $9.5 billion - $10.5 billion (no change)

-- Earnings Per Share (diluted): $3.50 - $4.00

Earnings Conference Call CB&I will host a webcast on May 8 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results and answer questions from investors. The webcast will be available on the Investor Relations page of www.CBI.com.

About CB&I CB&I (CBI ) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience and the expertise of more than 40,000 employees, CB&I provides reliable solutions to our customers around the world while maintaining a relentless focus on safety and an uncompromising standard of quality. For more information, visit www.CBI.com.

Important Information For Investors And Shareholders

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases or expressions such as "achieve," "forecast," "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might" or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and "Forward-Looking Statements" described under "Risk Factors" in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2016, and any updates to those risk factors or "Forward-Looking Statements" included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

Non-GAAP Financial Measures

To supplement CB&I’s consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including the presentation of our financial results, consolidated statements of operations and segment data, excluding the impact of the classification of our Capital Services operations as a discontinued operation. These non-GAAP financial measures are presented to provide a better indication of our operating results prior to the sale of our Capital Services operations.

Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company’s operating results. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. For more information on these non-GAAP financial measures and key metrics, please see the tables captioned "Non-GAAP Supplemental Adjusted Segment Data," "Non-GAAP Supplemental Adjusted Financial Data," "Reconciliation of Non-GAAP Supplemental Adjusted Segment Data" and "Reconciliation of Non-GAAP Supplemental Adjusted Financial Data," which are included in this release.

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Segment Data
(amounts adjusted to exclude impact of classifying our Capital Services Operations as a discontinued operation) (1)
(in thousands)
                           Three Months Ended March 31,
                           2017                              2016
NEW AWARDS                                        % of                              % of
                                                  Total                             Total
Engineering & Construction $         2,239,799    68%        $         323,418      27%
Fabrication Services       446,260                13%        373,689                31%
Technology                 160,354                5%         83,620                 7%
Capital Services           468,732                14%        416,672                35%
Total                      $         3,315,145               $         1,197,399
REVENUE                                           % of                              % of
                                                  Total                             Total
Engineering & Construction $         1,285,589    54%        $         1,516,328    57%
Fabrication Services       476,580                20%        517,576                19%
Technology                 68,027                 3%         64,562                 3%
Capital Services           534,209                23%        569,267                21%
Total                      $         2,364,405               $         2,667,733
INCOME FROM OPERATIONS                            % of                              % of
                                                  Revenue                           Revenue
Engineering & Construction $         9,676        0.8%       $         111,920      7.4%
Fabrication Services       53,861                 11.3%      38,249                 7.4%
Technology                 21,740                 32.0%      26,281                 40.7%
Capital Services           12,755                 2.4%       11,490                 2.0%
Total                      $         98,032       4.1%       $         187,940      7.0%
BACKLOG                    March 31,              % of       December 31,           % of
                           2017                   Total      2016                   Total
Engineering & Construction $         10,824,815   56%        $         9,916,948    54%
Fabrication Services       2,058,874              11%        2,114,550              11%
Technology                 1,095,801              6%         1,025,723              6%
Capital Services           5,296,059              27%        5,398,012              29%
Total                      $         19,275,549              $         18,455,233
(1)         New awards, revenue, and income from operations for the three months ended March 31, 2017 and 2016, and backlog at March 31, 2017 and December 31, 2016, are presented excluding the impact of the classification of our Capital Services Operations as a discontinued operation.  This presentation is considered a non-GAAP financial measure, which we believe provides a better indication of our operating results prior to the sale of our Capital Services Operations. See "Reconciliation of Non-GAAP Supplemental Adjusted Segment Data".
Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
                           Three Months Ended March 31,
                           2017                       2016
NEW AWARDS (1)                               % of                       % of
                                             Total                      Total
Engineering & Construction $    2,236,173    79%      $    341,665      43%
Fabrication Services       446,260           16%      374,139           47%
Technology                 160,354           5%       83,620            10%
Total                      $    2,842,787             $    799,424
REVENUE                                      % of                       % of
                                             Total                      Total
Engineering & Construction $    1,280,753    70%      $    1,536,361    72%
Fabrication Services       478,572           26%      533,706           25%
Technology                 68,027            4%       64,562            3%
Total                      $    1,827,352             $    2,134,629
INCOME FROM OPERATIONS                       % of                       % of
                                             Revenue                    Revenue
Engineering & Construction $    5,414        0.4%     $    108,073      7.0%
Fabrication Services       52,059            10.9%    37,110            7.0%
Technology                 21,515            31.6%    26,149            40.5%
Total                      $    78,988       4.3%     $    171,332      8.0%
BACKLOG (1)                March 31,         % of     December 31,      % of
                           2017              Total    2016              Total
Engineering & Construction $    10,792,597   77%      $    9,871,208    76%
Fabrication Services       2,060,384         15%      2,117,567         16%
Technology                 1,095,801         8%       1,025,723         8%
Total                      $    13,948,782            $    13,014,498
(1)         New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments.  Backlog includes the value of new awards until work is performed and revenue is recognized or until cancellation. Backlog may fluctuate with currency movements.
Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude impact of classifying our Capital Services Operations as a discontinued operation) (1)
(in thousands, except per share data)
                                                           Three Months
                                                           Ended March 31,
                                                           2017                 2016
Revenue                                                    $       2,364,405    $       2,667,733
Cost of revenue                                            2,179,194            2,380,128
Gross profit                                               185,211              287,605
% of Revenue                                               7.8               %  10.8              %
Selling and administrative expense                         86,095               92,597
% of Revenue                                               3.6               %  3.5               %
Intangibles amortization                                   9,036                11,277
Equity earnings                                            (7,875)              (3,990)
Other operating income, net                                (77)                 (219)
Income from operations                                     98,032               187,940
% of Revenue                                               4.1               %  7.0               %
Interest expense                                           (30,964)             (25,898)
Interest income                                            1,237                2,489
Income before taxes                                        68,305               164,531
Income tax expense                                         (16,400)             (44,569)
Net income                                                 51,905               119,962
Less: Net income attributable to noncontrolling interests  (27,250)             (13,037)
Net income attributable to CB&I                            $       24,655       $       106,925
Net income attributable to CB&I per share:
Basic                                                      $       0.25         $       1.02
Diluted                                                    $       0.24         $       1.01
Weighted average shares outstanding:
Basic                                                      100,451              104,803
Diluted                                                    101,360              105,785
(1) The three months ended March 31, 2017 and 2016 are presented excluding the impact of the classification of our Capital Services Operations as a discontinued operation. This presentation is considered a non-GAAP financial measure, which we believe provides a better indication of our operating results prior to the sale of our Capital Services Operations. See "Reconciliation of Non-GAAP Supplemental Adjusted Financial Data".
Chicago Bridge & Iron Company N.V.
Consolidated Statements of Operations
(in thousands, except per share data)
                                                           Three Months
                                                           Ended March 31,
                                                           2017                 2016
Revenue                                                    $    1,827,352       $    2,134,629
Cost of revenue                                            1,676,401            1,879,059
Gross profit                                               150,951              255,570
% of Revenue                                               8.3            %     12.0           %
Selling and administrative expense                         73,057               80,946
% of Revenue                                               4.0            %     3.8            %
Intangibles amortization                                   6,486                7,077
Equity earnings                                            (7,611)              (3,605)
Other operating expense (income), net                      31                   (180)
Operating Income from continuing operations                78,988               171,332
% of Revenue                                               4.3            %     8.0            %
Interest expense                                           (24,101)             (20,065)
Interest income                                            1,228                2,180
Income from continuing operations before taxes             56,115               153,447
Income tax expense                                         (13,704)             (39,524)
Net income from continuing operations                      42,411               113,923
Net income from discontinued operations                    9,494                6,039
Net income                                                 51,905               119,962
Less: Net income attributable to noncontrolling interests  (27,250)             (13,037)
($413 and $448 related to discontinued operations)
Net income attributable to CB&I                            $    24,655          $    106,925
Net income attributable to CB&I per share (Basic):
Continuing operations                                      $    0.16            $    0.97
Discontinued operations                                    0.09                 0.05
Total                                                      $    0.25            $    1.02
Net income attributable to CB&I per share (Diluted):
Continuing operations                                      $    0.15            $    0.96
Discontinued operations                                    0.09                 0.05
Total                                                      $    0.24            $    1.01
Weighted average shares outstanding:
Basic                                                      100,451              104,803
Diluted                                                    101,360              105,785
Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
                                                                    March 31,            December 31,
                                                                    2017                 2016
ASSETS
Current assets                                                      $        2,316,459   $        2,127,020
Equity investments                                                  171,605              165,256
Property and equipment, net                                         500,187              505,944
Goodwill and other intangibles, net                                 3,029,439            3,033,212
Assets of discontinued operations                                   915,324              876,876
Other non-current assets                                            1,130,957            1,131,112
Total assets                                                        $        8,063,971   $        7,839,420
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current maturities of long-term debt and other borrowings, net      $        1,141,329   $        911,410
Other current liabilities                                           3,334,470            3,377,370
Long-term debt, net                                                 1,266,027            1,287,923
Liabilities of discontinued operations                              258,817              252,857
Other non-current liabilities                                       445,576              448,523
Shareholders’ equity                                                1,617,752            1,561,337
Total liabilities and shareholders’ equity                          $        8,063,971   $        7,839,420
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
                                                                    Three Months
                                                                    Ended March 31,
                                                                    2017                 2016
CASH FLOWS
Cash flows from operating activities                                $        (290,682)   $        141,850
Cash flows from investing activities                                (43,296)             (47,499)
Cash flows from financing activities                                227,585              (11,392)
Effect of exchange rate changes on cash and cash equivalents        21,316               8,305
(Decrease) increase in cash and cash equivalents                    (85,077)             91,264
Cash and cash equivalents, beginning of the year                    505,156              550,221
Cash and cash equivalents, end of the period                        420,079              641,485
Cash and cash equivalents, end of period - discontinued operations  (17,782)             (20,563)
Cash and cash equivalents, end of period - continuing operations    $        402,297     $        620,922
OTHER FINANCIAL DATA
Increase in receivables, net                                        $        (217,122)   $        (57,207)
Change in contracts in progress, net                                (6,057)              58,361
(Increase) decrease in inventory                                    (12,346)             27,477
Decrease in accounts payable                                        (95,117)             (87,753)
Change in contract capital                                          $        (330,642)   $        (59,122)
Depreciation and amortization                                       $        26,264      $        31,801
Capital expenditures                                                $        12,274      $        11,180
Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Segment Data
(in thousands)
                           Three Months Ended March 31,
                           2017                                                 2016
                           As Reported       Adjustment       Adjusted (1)      As Reported       Adjustment       Adjusted (1)
NEW AWARDS
Engineering & Construction $    2,236,173    $    3,626       $    2,239,799    $    341,665      $    (18,247)    $    323,418
Fabrication Services       446,260           --               446,260           374,139           (450)            373,689
Technology                 160,354           --               160,354           83,620            --               83,620
Capital Services           --                468,732          468,732           --                416,672          416,672
Total                      $    2,842,787    $    472,358     $    3,315,145    $    799,424      $    397,975     $    1,197,399
REVENUE
Engineering & Construction $    1,280,753    $    4,836       $    1,285,589    $    1,536,361    $    (20,033)    $    1,516,328
Fabrication Services       478,572           (1,992)          476,580           533,706           (16,130)         517,576
Technology                 68,027            --               68,027            64,562            --               64,562
Capital Services           --                534,209          534,209           --                569,267          569,267
Total                      $    1,827,352    $    537,053     $    2,364,405    $    2,134,629    $    533,104     $    2,667,733
INCOME FROM OPERATIONS
Engineering & Construction $    5,414        $    4,262       $    9,676        $    108,073      $    3,847       $    111,920
Fabrication Services       52,059            1,802            53,861            37,110            1,139            38,249
Technology                 21,515            225              21,740            26,149            132              26,281
Capital Services           --                12,755           12,755            --                11,490           11,490
Total                      $    78,988       $    19,044      $    98,032       $    171,332      $    16,608      $    187,940
                           March 31, 2017                                       December 31, 2016
                           As Reported       Adjustment       Adjusted(1)       As Reported       Adjustment       Adjusted(1)
BACKLOG
Engineering & Construction $    10,792,597   $    32,218      $    10,824,815   $    9,871,208    $    45,740      $    9,916,948
Fabrication Services       2,060,384         (1,510)          2,058,874         2,117,567         (3,017)          2,114,550
Technology                 1,095,801         --               1,095,801         1,025,723         --               1,025,723
Capital Services           --                5,296,059        5,296,059         --                5,398,012        5,398,012
Total                      $    13,948,782   $    5,326,767   $    19,275,549   $    13,014,498   $    5,440,735   $    18,455,233
(1)                     The summary unaudited adjusted segment data is presented excluding the impact of the classification of our Capital Services Operations as a discontinued operation. This presentation is considered a non-GAAP financial measure, which we believe provides a better indication of our operating results prior to the sale of our Capital Services Operations.
Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Financial Data
(in thousands, except per share data)
                                                     Three Months Ended March 31,
                                                     2017                                                   2016
                                                     As Reported         Adjustment    Adjusted (1)         As Reported         Adjustment    Adjusted (1)
Revenue                                              $    1,827,352      $   537,053   $    2,364,405       $    2,134,629      $   533,104   $    2,667,733
Cost of revenue                                      1,676,401           502,793       2,179,194            1,879,059           501,069       2,380,128
Gross profit                                         150,951             34,260        185,211              255,570             32,035        287,605
% of Revenue                                         8.3            %                  7.8            %     12.0           %                  10.8           %
Selling and administrative expense                   73,057              13,038        86,095               80,946              11,651        92,597
% of Revenue                                         4.0            %                  3.6            %     3.8            %                  3.5            %
Intangibles amortization                             6,486               2,550         9,036                7,077               4,200         11,277
Equity earnings                                      (7,611)             (264)         (7,875)              (3,605)             (385)         (3,990)
Other operating expense (income), net                31                  (108)         (77)                 (180)               (39)          (219)
Income from operations                               78,988              19,044        98,032               171,332             16,608        187,940
% of Revenue                                         4.3            %                  4.1            %     8.0            %                  7.0            %
Interest expense                                     (24,101)            (6,863)       (30,964)             (20,065)            (5,833)       (25,898)
Interest income                                      1,228               9             1,237                2,180               309           2,489
Income before taxes                                  56,115              12,190        68,305               153,447             11,084        164,531
Income tax expense                                   (13,704)            (2,696)       (16,400)             (39,524)            (5,045)       (44,569)
Net income from continuing operations                42,411              9,494         51,905               113,923             6,039         119,962
Net income from discontinued operations              9,494               (9,494)       --                   6,039               (6,039)       --
Net income                                           51,905              --            51,905               119,962             --            119,962
Less: Net income attributable to                     (27,250)            --            (27,250)             (13,037)            --            (13,037)
noncontrolling interests ($413 and $448
related to discontinued operations)
Net income attributable to CB&I                      $    24,655         $   --        $    24,655          $    106,925        $   --        $    106,925
Net income attributable to CB&I per share (Basic):
Continuing operations                                $    0.16           $   0.09      $    0.25            $    0.97           $   0.05      $    1.02
Discontinued operations                              0.09                (0.09)        --                   0.05                (0.05)        --
Total                                                $    0.25           $   --        $    0.25            $    1.02           $   --        $    1.02
Net income attributable to CB&I per share (Diluted):
Continuing operations                                $    0.15           $   0.09      $    0.24            $    0.96           $   0.05      $    1.01
Discontinued operations                              0.09                (0.09)        --                   0.05                (0.05)        --
Total                                                $    0.24           $   --        $    0.24            $    1.01           $   --        $    1.01
Weighted average shares outstanding:
Basic                                                100,451                           100,451              104,803                           104,803
Diluted                                              101,360                           101,360              105,785                           105,785
(1)                           The summary unaudited adjusted financial data is presented excluding the impact of the classification of our Capital Services Operations as a discontinued operation. This presentation is considered a non-GAAP financial measure, which we believe provides a better indication of our operating results prior to the sale of our Capital Services Operations.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cbi-reports-first-quarter-2017-financial-results-300453456.html

SOURCE CB&I

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