CB&I Tuesday reported net income of $50.5 million, or $0.50 per diluted share, for the first quarter of 2011, compared with $42.2 million, or $0.42 per diluted share, in the first quarter of 2010.
Revenue for the quarter was $954.3 million compared with first quarter 2010 revenue of $869.3 million. New awards totaled $1.012 billion compared with $560.2 million in the first quarter 2010, increasing the Company’s backlog to $7.04 billion.
During the quarter, the Company returned $42.0 million to shareholders, which included $37.0 million of stock repurchases and $5.0 million through the resumption of quarterly cash dividends. Cash and cash equivalents as of March 31 were $430.3 million.
“ CB&I had solid operating performance in all three business sectors, leading to a first quarter consolidated gross profit of 14.3%, and operating income of 7.9% of revenue ,” said Philip K. Asherman, President and CEO . “ As we look to the future, the momentum in our end markets, our ability to capitalize on major new opportunities, and our proven technology and project execution capabilities reinforce our confidence in the earnings potential of the Company. ”
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Source: CB&I, April 27, 2011;