LNG engineer CB&I reported net income for the first quarter of $132.2 million, an increase of 40% as compared to the same period in 2014.
Revenues for the first quarter were $3.1 billion, up from $2.9 billion, or 7% from the first quarter 2014. New awards for the first quarter totaled $3 billion, which resulted in a backlog of approximately $30 billion, the company said in a statement.
“CB&I delivered solid first quarter operational and financial performance,” said Philip K. Asherman, CB&I’s President and Chief Executive Officer . “Revenues experienced some headwinds due to the effects of the strong dollar on our international work, which comprised nearly 40 percent of our revenues this quarter.”
CB&I’s earnings for the first quarter include stock-based compensation expense of approximately $32 million. Stock-based compensation expense for the remainder of 2015 is expected to be approximately $14 million per quarter.
CB&I’s first quarter noteworthy awards include a third LNG train for the Freeport LNG export terminal, additional fabrication services for U.S. LNG export facility projects, plant services for a refinery in Texas, a polypropylene technology contract and storage awards for petrochemical developments in the Middle East, storage tanks in South America and Canada, technology and FEED contracts for a delayed coker unit for a refinery in Europe, scope increases from LNG mechanical erection project in Australia and a variety of technology and fabrication awards globally.
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Image: CB&I