- Chicago Bridge & Iron misses Street 3Q forecasts
THE HAGUE, Netherlands (AP) _ Chicago Bridge & Iron Co. (CBI) on Monday reported third-quarter net income of $10 million.
The The Hague, Netherlands-based company said it had net income of 10 cents per share. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The engineering, procurement and construction services provider posted revenue of $1.74 billion in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.81 billion.
For the current quarter ending in December, Chicago Bridge & Iron said it expects revenue in the range of $1.8 billion to $2 billion.
Chicago Bridge & Iron shares have fallen 49 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $16.18, a drop of 49 percent in the last 12 months.
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