Chicago Bridge & Iron Company

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  • Today, 2:24 PM
    • CB&I (CBI -0.7%) says it expects Q4 earnings to beat expectations and will increasingly focus on petrochemical and liquefied natural gas projects along the Texas and Louisiana coasts while riding out the oil bust.
    • CBI sees Q4 EPS of $1.56 vs. $1.48 analyst consensus estimate on revenues of $3.3B vs. $3.46B consensus, while expecting to report $3.3B in new awards for the quarter; for FY 2016: CBI sees EPS of $5.00-$5.50 vs. $5.19 consensus on revenues of $11.4B-$12.2B vs $12.7B consensus, with anticipated new awards of $13B and a $23B backlog.
    • When asked whether CBI is taking on marginal terms to get more contracts and maintain market share during the downturn, CEO Phil Asherman says the company can deliver accurately on fixed-term contracts with its efficiencies and lower reliance on subcontractors.
    | Today, 2:24 PM | 3 Comments
  • Mon, Jan. 4, 4:58 PM
    • Southern Co. (NYSE:SO) subsidiary Georgia Power says it completed the settlement process between the co-owners of the Vogtle nuclear expansion and the project's contractors, Westinghouse and CB&I (NYSE:CBI), and says its ~$350M portion of the settlement cost is significantly less than the claims that were in litigation.
    • Georgia Power says the agreement settles all claims in litigation, reaffirms current in-service dates, adds additional contractual protections and positions Westinghouse and its affiliates as the primary contractor over the project.
    • In tandem with the completion of the settlement, SO also says Westinghouse has contracted with Fluor (NYSE:FLR) to manage the construction workforce at the Vogtle expansion site.
    | Mon, Jan. 4, 4:58 PM | 10 Comments
  • Mon, Jan. 4, 8:23 AM
    • Chicago Bridge (NYSE:CBI) has completed the sale of its nuclear construction business to Westinghouse Electric Company.
    • "We have completed all of the required closing requirements and have transferred total responsibility for the Stone & Webster nuclear construction business to Westinghouse, as defined in the purchase agreement," CEO Philip Asherman said. "Our focus will be on continued growth and improved cash flows from CB&I's solid backlog and integrated business model."
    • CBI -2.6% premarket
    | Mon, Jan. 4, 8:23 AM | 1 Comment
  • Dec. 22, 2015, 8:30 AM
    • The company has been granted a contract valued at approximately $200M for maintenance and modification services at a nuclear generating station in the U.S. Northeast.
    • Another contract has been awarded by Hengli Petrochemical Refinery for the design of a grassroots propane and butane dehydrogenation unit to be built in China.
    • Previously: New contracts at Chicago Bridge (Dec. 21 2015)
    | Dec. 22, 2015, 8:30 AM | 10 Comments
  • Dec. 21, 2015, 8:30 AM
    • A multi-year extension on an existing contract valued at more than $100M for long-term maintenance services at multiple specialty chemical facilities throughout the U.S. Gulf Coast.
    • A contract valued in excess of $365M by Lotte Chemical Louisiana to provide construction services for a monoethylene glycol facility in Lake Charles, Louisiana.
    • A contract valued at approximately $2.8B with Oman Oil Refineries and Petroleum Industries Company for a steam cracker package in Oman.
    | Dec. 21, 2015, 8:30 AM | 14 Comments
  • Dec. 17, 2015, 4:41 PM
    • CB&I (NYSE:CBI) says it was awarded a contract valued at more than $1.3B from a joint venture between Axiall (NYSE:AXLL) and Lotte Chemical Corp. to provide engineering, procurement, fabrication and construction services for an ethane cracker project in Lake Charles, La.
    • The JV announces a final investment decision to construct the plant, which is expected to produce ~1M metric tons/year of ethylene; start-up is anticipated for the beginning of 2019.
    | Dec. 17, 2015, 4:41 PM | 12 Comments
  • Dec. 3, 2015, 4:50 PM
    • Chicago Bridge & Iron (NYSE:CBI) declares $0.07/share quarterly dividend, in line with previous.
    • Forward yield 0.68%
    • Payable Dec. 31; for shareholders of record Dec. 18; ex-div Dec. 16.
    | Dec. 3, 2015, 4:50 PM | 18 Comments
  • Dec. 2, 2015, 8:20 AM
    • Chicago Bridge (NYSE:CBI) has been awarded a contract by Cheniere Energy for general maintenance services at its Sabine Pass LNG terminal in Cameron Parish, Louisiana.
    • Going into December, CB&I shares are basically flat for the year, and are up a fraction premarket.
    | Dec. 2, 2015, 8:20 AM | 4 Comments
  • Nov. 23, 2015, 8:28 AM
    • A joint venture between CB&I (NYSE:CBI) and CTCI Corp. has received a $2.8B award from Oman Oil Refineries and Petroleum Industries Company for the Liwa Plastics Industrial Complex Project in Sohar, Oman.
    • The scope of work includes EPC for a grassroots 880-ktpa ethylene plant, pygas unit and MTBE unit, as well as all the related off-sites and utilities.
    | Nov. 23, 2015, 8:28 AM | 7 Comments
  • Nov. 5, 2015, 4:31 PM
    • Chicago Bridge & Iron (NYSE:CBI): Q3 EPS of $1.54 beats by $0.01.
    • Revenue of $3.32B (-1.8% Y/Y) misses by $290M.
    | Nov. 5, 2015, 4:31 PM | 10 Comments
  • Nov. 4, 2015, 5:35 PM
  • Oct. 28, 2015, 3:50 PM
    • Chicago Bridge & Iron (NYSE:CBI), which jumped after hours yesterday on news it was selling its nuclear construction business, is up 15.9% today as Credit Suisse says it's time to buy.
    • Shares had fallen 22% in the past six months prior to the move.
    • Credit Suisse has upgraded shares to Outperform, from Neutral, and raised its price target to $51 from $45. Shares had closed at $38.96, implying 31% upside.
    • The Vogle and Summer construction projects had been a significant overhang on CB&I, says Credit Suisse's Jamie Cook, over concerns about fixed-price contracts with delays and overruns. A charge of $1-$1.2B is "large," says Cook, but "we see this as a positive catalyst as the charge is now known, over, and non-cash.”
    • As previously noted, CB&I's deal with Westinghouse excludes a variety of CB&I's businesses, including fosil power generation, nuclear/industrial maintenance, the MOX project and Fed decommissioning.
    • Previously: Westinghouse picks Fluor to manage nuclear builds; CB&I now up 10.4% (Oct. 27 2015)
    • Previously: CB&I selling nuclear construction business to Westinghouse Electric (Oct. 27 2015)
    | Oct. 28, 2015, 3:50 PM | 4 Comments
  • Oct. 28, 2015, 9:12 AM
    | Oct. 28, 2015, 9:12 AM
  • Oct. 27, 2015, 6:16 PM
    • In conjunction with Chicago Bridge & Iron's (NYSE:CBI) sale of its nuclear construction business to Westinghouse Electric, Westinghouse has named Fluor (FLR -3.4%) to manage the construction of the ongoing projects.
    • The work will include a pair of large projects: Vogtle Units 3 and 4 in Georgia, and two Generating Units at the V.C. Summer project in South Carolina.
    • The company is beginning work immediately under a professional services deal, and management plans for construction will become effective at the close of Westinghouse's acquisition of CB&I's business.
    • Fluor will book an award in its Q4 tied to taking on the two projects.
    • Meanwhile, CB&I has moved up 10.4% after hours in reaction to the company's plans to sell its construction business. Fluor is flat in postmarket action.
    | Oct. 27, 2015, 6:16 PM | 4 Comments
  • Oct. 27, 2015, 5:49 PM
    • Chicago Bridge & Iron (CBI -3.8%) is selling all of its nuclear construction business to partner Westinghouse Electric (OTCPK:TOSYY -2.1%).
    • The deal -- in which Westinghouse will fully take over facilities including South Carolina's V.C. Summer project, Georgia's Vogle project and various projects in China -- is expected to close in Q4 and includes CBI's nuclear integrated services.
    • "For CB&I shareholders, it provides clarity and increased predictability from our growing backlog of work in markets that are more strategic to our future growth," says CEO Philip Asherman.
    • CB&I expects to receive $229M in cash -- $161M on the substantial completion of nuclear projects and $68M on other milestones tied to CB&I's continuing supply contract. CB&I also expects a noncash charge after taxes of $1B-$1.2B from a loss on the transaction.
    • The company also said in preliminary Q3 numbers it expects new awards of about $4B, revenues of $3.3B and positive operating cash flow. It reports earnings Nov. 5.
    | Oct. 27, 2015, 5:49 PM | 70 Comments
  • Oct. 8, 2015, 11:04 AM
    • Chicago Bridge (CBI -0.9%) has been awarded a contract extension valued at approximately $60M by Louisiana Pigment, to provide operations and maintenance at its specialty chemicals plant in Westlake, Louisiana.
    | Oct. 8, 2015, 11:04 AM
Company Description
Chicago Bridge & Iron Company provides conceptual design, technology, engineering, procurement, fabrication, construction and commissioning services to customers in the energy, petrochemical and natural resource industries.