CB&I today reported net income of $59.5 million for the first quarter of 2012, compared with $50.5 million in the first quarter of 2011.
Revenue for the quarter was $1.2 billion compared with first quarter 2011 revenue of $954.3 million. New awards totaled $1.7 billion compared with $1.0 billion in the first quarter 2011, increasing the Company’s backlog to $9.6 billion. Included in these new awards were several Oil Sands opportunities, a FEED study for a U.S. LNG export project, and a U.S. Petrochemical expansion project.
CB&I returned $109.6 million to shareholders, which included $104.7 million of stock repurchases and $4.9 million through quarterly cash dividends. Cash and cash equivalents as of March 31, 2012 were $639.8 million. Consistent with previous years, the first quarter included a disproportionate share of the Company’s annual stock-based compensation expense (63% of the full-year expense).
“A s our new awards demonstrate, the markets we’ve positioned ourselves in are developing as expected ,” said Philip K. Asherman, President and CEO . “ We had another very positive quarter by all metrics including our safety performance, earnings, cash generation, and backlog growth. ”
[mappress]
LNG World News Staff, April 25, 2012