Chicago Bridge & Iron (CBI) reported earnings on Thur 27 Oct 2016 (a/h)

• #97 before earnings

** charts after earnings **

   

Chicago Bridge & Iron Company N.V. CBI reported third-quarter 2016 adjusted earnings of $1.20 per share, which beat the Zacks Consensus Estimate of $1.17 by 2.6%. It had reported a loss of $7.02 per share in the year-ago quarter.

Adjusted earnings (excluding divested businesses) for the quarter came in at $1.28 per diluted share.

Inside the Headlines

The company reported third-quarter 2016 revenues of $2,776 million, marginally beating the Zacks Consensus Estimate of $2,771 million. However, revenues fell 16.4% year over year.

The lackluster top-line performance during the quarter was largely a result of revenue declines across all of the company’s segments. Also, absence of revenues from the previously divested nuclear operations compounded the fall.

Gross profit decreased 13.5% year over year to $326.6 million, while gross margin contracted 40 basis points to 11.8%.

The company booked new awards worth $2,716 million during third-quarter 2016, compared with $4 billion in the prior-year quarter. The decline in new award wins was largely attributable to cautionary spending on part of the large clients who continue to defer investments due to softness in energy markets.