CB&I Reports First Quarter 2012 Results

THE WOODLANDS, Texas--(BUSINESS WIRE)--CB&I (NYSE: CBI) today reported net income of $59.5 million, or $0.60 per diluted share, for the first quarter of 2012, compared with $50.5 million, or $0.50 per diluted share, in the first quarter of 2011. Revenue for the quarter was $1.2 billion compared with first quarter 2011 revenue of $954.3 million. New awards totaled $1.7 billion compared with $1.0 billion in the first quarter 2011, increasing the Company’s backlog to $9.6 billion. Included in these new awards were several Oil Sands opportunities, a FEED study for a U.S. LNG export project, and a U.S. Petrochemical expansion project.