THE WOODLANDS, Texas, April 20, 2016 /PRNewswire/ -- CB&I (NYSE:CBI) today announced first quarter 2016 net income of $107 million, or $1.01 per diluted share, compared to $132 million, or $1.21 per diluted share in the first quarter of 2015. Diluted earnings per share increased 5 percent in the first quarter of 2016 as compared to pro forma results for the comparable quarter in 2015, which exclude net income from the former nuclear construction business of $28 million, or $0.25 per diluted share. First quarter 2016 revenue of $2.7 billion compares to $3.1 billion in the first quarter of 2015, which included $488 million in revenue from the former nuclear business. On a pro forma basis, revenue increased slightly compared to 2015 first quarter results. New awards for the first quarter were $1.2 billion with a backlog of $21.2 billion.

Net cash provided by operating activities during the first quarter was $142 million, representing an increase of $432 million compared to the first quarter in 2015. Net operating cash flows combined with advance payments associated with equity-method joint ventures, which are reflected in cash flows from financing activities, totaled approximately $257 million during the first quarter 2016. At quarter end, cash and cash equivalents were $641 million, an increase of $294 million from the quarter-end balance for the first quarter 2015 and over $90 million from the year-end balance for 2015. In addition, during the quarter, total debt was reduced by $120 million from the year-end balance for 2015.

'Our cash generation in the first quarter reflects our ability to deliver on our capital allocation priorities of reducing leverage, returning capital to shareholders and investing in our business. Despite market uncertainty slowing the pace of new awards in the quarter, we maintained a healthy backlog and solid margins,' said Philip K. Asherman, CB&I's President and Chief Executive Officer. 'Earnings lagged this quarter due to underperformance from our Fabrication Services group and a continuing softness in the technology licensing market worldwide. However, as previously communicated, we expect our new awards, revenue and earnings to progressively improve during the year, and we remain on track to perform within our guided ranges for 2016.'

New awards for the first quarter include scope increases for an LNG mechanical erection and instrumentation project in Australia, refinery maintenance work in the United States and Canada, crude oil storage in the Middle East and Canada, petrochemical licensing in the Asia Pacific region, catalyst awards in the Middle East, environmental remediation work for the U.S. Navy, and a variety of technology and fabrication awards globally.

The tables below include reconciliations of GAAP financial results to non-GAAP financial results for 2015, which exclude results of the former nuclear construction business and the impact of the sale.

Earnings Conference Call
CB&I will host a webcast on April 20 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 (NYSE: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, 2015, 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.

Chicago Bridge & Iron Company N.V.

Segment Information

(in thousands)

Three Months Ended March 31,

2016

2015

NEW AWARDS

% of

% of

Total

Total

Engineering & Construction

$

323,418

27%

$

1,209,407

40%

Fabrication Services

373,689

31%

927,374

31%

Technology

83,620

7%

77,022

2%

Capital Services

416,672

35%

817,380

27%

Total

$

1,197,399

$

3,031,183

REVENUE

% of

% of

Total

Total

Engineering & Construction

$

1,516,328

57%

$

1,818,586

58%

Fabrication Services

517,576

19%

637,809

21%

Technology

64,562

3%

99,361

3%

Capital Services

569,267

21%

569,989

18%

Total

$

2,667,733

$

3,125,745

INCOME FROM OPERATIONS

% of

% of

Revenue

Revenue

Engineering & Construction

$

111,920

7.4%

$

136,418

7.5%

Fabrication Services

38,249

7.4%

52,399

8.2%

Technology

26,281

40.7%

48,024

48.3%

Capital Services

11,490

2.0%

9,957

1.7%

Total

$

187,940

7.0%

$

246,798

7.9%

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.

Chicago Bridge & Iron Company N.V.

Consolidated Statements of Operations

(in thousands, except per share data)

Three Months

Ended March 31,

2016

2015

Revenue

$

2,667,733

$

3,125,745

Cost of revenue

2,380,128

2,755,574

Gross profit

287,605

370,171

% of Revenue

10.8

%

11.8

%

Selling and administrative expense

92,597

109,101

% of Revenue

3.5

%

3.5

%

Intangibles amortization

11,277

15,652

Equity earnings

(3,990)

(4,202)

Other operating (income) expense, net

(219)

2,822

Income from operations

187,940

246,798

% of Revenue

7.0

%

7.9

%

Interest expense

(25,898)

(22,286)

Interest income

2,489

2,048

Income before taxes

164,531

226,560

Income tax expense

(44,569)

(69,811)

Net income

119,962

156,749

Less: Net income attributable to noncontrolling interests

(13,037)

(24,521)

Net income attributable to CB&I

$

106,925

$

132,228

Net income attributable to CB&I per share:

Basic

$

1.02

$

1.22

Diluted

$

1.01

$

1.21

Weighted average shares outstanding:

Basic

104,803

108,197

Diluted

105,785

109,261

Cash dividends on shares:

Amount

$

7,359

$

7,597

Per share

$

0.07

$

0.07

Chicago Bridge & Iron Company N.V.

Condensed Consolidated Balance Sheets

(in thousands)

March 31,

December 31,

2016

2015

ASSETS

Current assets

$

3,688,030

$

3,367,299

Equity investments

137,895

136,845

Property and equipment, net

593,064

604,043

Goodwill and other intangibles, net

4,119,851

4,122,455

Other non-current assets

941,863

961,418

Total assets

$

9,480,703

$

9,192,060

LIABILITIES AND SHAREHOLDERS' EQUITY

Current maturities of long-term debt and other borrowings, net

$

980,671

$

800,871

Other current liabilities

4,333,739

4,056,077

Long-term debt, net

1,492,365

1,791,832

Other non-current liabilities

388,594

379,690

Shareholders' equity

2,285,334

2,163,590

Total liabilities and shareholders' equity

$

9,480,703

$

9,192,060

Condensed Consolidated Statements of Cash Flows and Other Financial Data

(in thousands)

Three Months

Ended March 31,

2016

2015

CASH FLOWS

Cash flows from operating activities

$

141,850

$

(289,871)

Cash flows from investing activities

(47,499)

(56,879)

Cash flows from financing activities

(11,392)

403,409

Effect of exchange rate changes on cash and cash equivalents

8,305

(60,965)

Increase (decrease) in cash and cash equivalents

91,264

(4,306)

Cash and cash equivalents, beginning of the year

550,221

351,323

Cash and cash equivalents, end of the period

$

641,485

$

347,017

OTHER FINANCIAL DATA

Increase in receivables, net

$

(57,207)

$

(41,175)

Change in contracts in progress, net

58,361

(330,345)

Decrease in inventory

27,477

2,803

Decrease in accounts payable

(87,753)

(230,152)

Change in contract capital

$

(59,122)

$

(598,869)

Depreciation and amortization

$

31,801

$

44,309

Capital expenditures

$

11,180

$

8,978

March 31, 2016

December 31, 2015

Backlog

$

21,163,059

$

22,643,939

Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements.

Chicago Bridge & Iron Company N.V.

Non-GAAP Supplemental Pro Forma Financial Data

(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)

(in thousands, except per share data)

Three Months Ended March 31, 2015

As Reported

Disposition Charges

Removal of Divested Business

Excluding Divested Business

Revenue

$

3,125,745

$

-

$

(488,259)

$

2,637,486

Income from operations

$

246,798

$

-

$

(45,600)

$

201,198

Net income attributable to CB&I

$

132,228

$

-

$

(27,816)

$

104,412

Net income attributable to CB&I per share (diluted)

$

1.21

$

-

$

(0.25)

$

0.96

New Awards

$

3,031,183

$

-

$

(5,206)

$

3,025,977

Backlog

$

29,934,182

$

-

$

(8,193,792)

$

21,740,390

Operating Cash Flows

$

(289,871)

$

-

$

303,600

$

13,729

Three Months Ended June 30, 2015

As Reported

Disposition Charges

Removal of Divested Business

Excluding Divested Business

Revenue

$

3,207,113

$

-

$

(564,327)

$

2,642,786

Income from operations

$

284,107

$

-

$

(71,800)

$

212,307

Net income attributable to CB&I

$

169,515

$

-

$

(43,798)

$

125,717

Net income attributable to CB&I per share (diluted)

$

1.55

$

-

$

(0.40)

$

1.15

New Awards

$

2,844,516

$

-

$

(574,719)

$

2,269,797

Backlog

$

29,432,933

$

-

$

(8,204,184)

$

21,228,749

Operating Cash Flows

$

95,167

$

-

$

271,200

$

366,367

Three Months Ended September 30, 2015

As Reported

Disposition Charges

Removal of Divested Business

Excluding Divested Business

Revenue

$

3,321,682

$

-

$

(502,922)

$

2,818,760

(Loss) income from operations

$

(889,962)

$

1,160,480

$

(45,715)

$

224,803

Net (loss) income attributable to CB&I

$

(740,433)

$

904,230

$

(27,886)

$

135,911

Net (loss) income attributable to CB&I per share (diluted)

$

(7.02)

$

8.56

$

(0.26)

$

1.28

New Awards

$

4,000,302

$

-

$

(84,289)

$

3,916,013

Backlog

$

29,928,616

$

-

$

(7,785,551)

$

22,143,065

Operating Cash Flows

$

21,282

$

-

$

305,685

$

326,967

Three Months Ended December 31, 2015

As Reported

Disposition Charges

Removal of Divested Business

Excluding Divested Business

Revenue

$

3,274,964

$

-

$

(505,659)

$

2,769,305

(Loss) income from operations

$

(66,060)

$

345,371

$

(52,035)

$

227,276

Net (loss) income attributable to CB&I

$

(65,725)

$

230,910

$

(31,741)

$

133,444

Net (loss) income attributable to CB&I per share (diluted)

$

(0.63)

$

2.19

$

(0.30)

$

1.26

New Awards

$

3,262,497

$

-

$

(8,151)

$

3,254,346

Backlog

$

22,643,939

$

-

$

-

$

22,643,939

Operating Cash Flows

$

117,208

$

-

$

252,865

$

370,073

Chicago Bridge & Iron Company N.V.

Non-GAAP Supplemental Pro Forma Financial Data

(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)

(in thousands, except per share data)

Twelve Months Ended December 31, 2015

As Reported

Disposition Charges

Removal of Divested Business

Excluding Divested Business

Revenue

$

12,929,504

$

-

$

(2,061,167)

$

10,868,337

(Loss) income from operations

$

(425,117)

$

1,505,851

$

(215,150)

$

865,584

Net (loss) income attributable to CB&I

$

(504,415)

$

1,135,140

$

(131,241)

$

499,484

Net (loss) income attributable to CB&I per share (diluted)

$

(4.72)

$

10.58

$

(1.22)

$

4.64

New Awards

$

13,138,498

$

-

$

(672,365)

$

12,466,133

Backlog

$

22,643,939

$

-

$

-

$

22,643,939

Operating Cash Flows

$

(56,214)

$

-

$

1,133,350

$

1,077,136

The summary unaudited pro forma financial information presented in the tables above is for illustrative purposes only and is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I's consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I's consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I's Annual Report on Form 10-K for the year ended December 31, 2015, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015.

The unadjusted and adjusted per share amounts for the three months ended March 31, 2015, and June 30, 2015, are based upon diluted weighted average shares of 109,261 and 109,533, respectively.

The unadjusted per share amounts for the three months ended September 30, 2015, and December 31, 2015, and twelve months ended December 31, 2015, are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 105,454, 104,763 and 106,766, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 106,322,105,926 and 107,719, respectively.

Chicago Bridge & Iron Company N.V.

Non-GAAP Supplemental Pro Forma Segment Information

(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)

(in thousands)

Three Months Ended

Twelve Months Ended

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

December 31, 2015

NEW AWARDS

% of

% of

% of

% of

% of

Total

Total

Total

Total

Total

Engineering & Construction

$

1,204,201

40%

$

731,232

32%

$

2,323,546

60%

$

1,778,520

55%

$

6,037,499

48%

Fabrication Services

927,374

31%

844,715

37%

840,658

21%

493,816

15%

3,106,563

25%

Technology

77,022

2%

81,087

4%

97,539

2%

321,892

10%

577,540

5%

Capital Services

817,380

27%

612,763

27%

654,270

17%

660,118

20%

2,744,531

22%

Total

$

3,025,977

$

2,269,797

$

3,916,013

$

3,254,346

$

12,466,133

REVENUE

% of

% of

% of

% of

% of

Total

Total

Total

Total

Total

Engineering & Construction

$

1,330,327

50%

$

1,351,795

51%

$

1,443,504

51%

$

1,510,891

55%

$

5,636,517

52%

Fabrication Services

637,809

24%

611,330

23%

640,201

23%

553,350

20%

2,442,690

22%

Technology

99,361

4%

92,975

4%

118,269

4%

88,494

3%

399,099

4%

Capital Services

569,989

22%

586,686

22%

616,786

22%

616,570

22%

2,390,031

22%

Total

$

2,637,486

$

2,642,786

$

2,818,760

$

2,769,305

$

10,868,337

INCOME FROM OPERATIONS

% of

% of

% of

% of

% of

Revenue

Revenue

Revenue

Revenue

Revenue

Engineering & Construction

$

90,818

6.8%

$

104,667

7.7%

$

107,411

7.4%

$

112,484

7.4%

$

415,380

7.4%

Fabrication Services

52,399

8.2%

55,937

9.2%

61,408

9.6%

55,523

10.0%

225,267

9.2%

Technology

48,024

48.3%

36,741

39.5%

31,911

27.0%

34,201

38.6%

150,877

37.8%

Capital Services

9,957

1.7%

14,962

2.6%

24,073

3.9%

25,068

4.1%

74,060

3.1%

Total

$

201,198

7.6%

$

212,307

8.0%

$

224,803

8.0%

$

227,276

8.2%

$

865,584

8.0%

The summary unaudited pro forma financial information reflects the removal of the results of our nuclear power construction business sold on December 31, 2015, and reflects the removal of the related disposition charges incurred as a result of the sale, as quantified below. The information presented in the tables above is for illustrative purposes only. The exclusion of our nuclear power construction business and the $1,160,480 and $345,371 of charges related to the disposition of our nuclear operations for the three months ended September 30, 2015, and December 31, 2015, respectively, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See 'Reconciliation of Non-GAAP Supplemental Pro Forma Segment Information to GAAP Information' table.

Chicago Bridge & Iron Company N.V.

Reconciliation of Non-GAAP Supplemental Pro Forma Segment Information to GAAP Information

(in thousands)

Three Months Ended

Twelve Months Ended

March 31, 2015

June 30, 2015

September 30, 2015

December 31, 2015

December 31, 2015

NEW AWARDS

Engineering & Construction

Excluding Nuclear Operations

$

1,204,201

$

731,232

$

2,323,546

$

1,778,520

$

6,037,499

Nuclear Operations

5,206

574,719

84,289

8,151

672,365

Total

$

1,209,407

$

1,305,951

$

2,407,835

$

1,786,671

$

6,709,864

CB&I

Excluding Nuclear Operations

$

3,025,977

$

2,269,797

$

3,916,013

$

3,254,346

$

12,466,133

Nuclear Operations

5,206

574,719

84,289

8,151

672,365

Total

$

3,031,183

$

2,844,516

$

4,000,302

$

3,262,497

$

13,138,498

REVENUE

Engineering & Construction

Excluding Nuclear Operations

$

1,330,327

$

1,351,795

$

1,443,504

$

1,510,891

$

5,636,517

Nuclear Operations

488,259

564,327

502,922

505,659

2,061,167

Total

$

1,818,586

$

1,916,122

$

1,946,426

$

2,016,550

$

7,697,684

CB&I

Excluding Nuclear Operations

$

2,637,486

$

2,642,786

$

2,818,760

$

2,769,305

$

10,868,337

Nuclear Operations

488,259

564,327

502,922

505,659

2,061,167

Total

$

3,125,745

$

3,207,113

$

3,321,682

$

3,274,964

$

12,929,504

INCOME (LOSS) FROM OPERATIONS

% of

Revenue

% of

Revenue

% of

Revenue

% of

Revenue

% of

Revenue

Engineering & Construction

Excluding Nuclear Operations

$

90,818

6.8%

$

104,667

7.7%

$

107,411

7.4%

$

112,484

7.4%

$

415,380

7.4%

Nuclear Operations

45,600

71,800

(1,114,765)

(293,336)

(1,290,701)

Total

$

136,418

7.5%

$

176,467

9.2%

$

(1,007,354)

(51.8)%

$

(180,852)

(9.0)%

$

(875,321)

(11.4)%

CB&I

Excluding Nuclear Operations

$

201,198

7.6%

$

212,307

8.0%

$

224,803

8.0%

$

227,276

8.2%

$

865,584

8.0%

Nuclear Operations

45,600

71,800

(1,114,765)

(293,336)

(1,290,701)

Total

$

246,798

7.9%

$

284,107

8.9%

$

(889,962)

(26.8)%

$

(66,060)

(2.0)%

$

(425,117)

(3.3)%

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

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cbi-reports-first-quarter-results-300254920.html

SOURCE CB&I

CB&I - Chicago Bridge & Iron Company NV issued this content on 20 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 May 2016 10:28:05 UTC. Original document available at https://www.snl.com/IRWebLinkX/file.aspx?iid=4234612&fid=33934810