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08.05.2017 22:15:00
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CB&I Reports First Quarter 2017 Financial Results
THE WOODLANDS, Texas, May 8, 2017 /PRNewswire/ -- CB&I (NYSE: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 (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, 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 ($413 and $448 related to discontinued operations) | (27,250) | (13,037) | ||||||
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) | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
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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