CB&I, the US LNG and energy project engineering and construction company, said revenue for the first quarter was $2.9 billion, up from $2.3Bln in the same three months of last year and bolstered by US and Australian LNG contract awards.
First-quarter new contract awards totalled $5.8Bln, taking the backlog of work to $30.7Bln, the company said.
"Over the past two quarters, CB&I has booked more than $11Bln in new awards, which includes $5.8Bln in the current quarter," said Philip K. Asherman, President and Chief Executive.
"These awards are diverse in size, value and geography and reflect our ability to continue to capitalize on our global end markets across each of our operating groups.
"Noteworthy awards in the quarter included Sempra's Cameron LNG facility; structural, mechanical and piping construction work for Chevron's Wheatstone LNG facility," Asherman stated.
The CEO was referring to the March announcement that CB&I and Chiyoda Corp. of Japan had been awarded the construction contract valued at about $6 billion to build the Cameron LNG export plant in Louisiana for Sempra of California.
CB&I and Chiyoda said the scope of the Cameron work included engineering, procurement and construction for the addition of liquefaction and export facilities to the existing LNG regasification terminal.
Continuing on the earnings statement, Asherman said: "CB&I's revenue and earnings remain solid.
"Our results for the quarter included $43 million for annual stock-based compensation expenses, or $0.27 per diluted share.
"Stock-based compensation expenses for the remainder of 2014 are expected to be about $8M, or $0.05 per diluted share, per quarter," the CEO said.
CB&I reported adjusted net income for the first quarter of $94.4M, or $0.87 per diluted share, excluding integration related costs of $8.1m, or $0.05 per diluted share.
First-quarter net income was $89M, or $0.82 per diluted share, the company added.
