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Chicago Bridge & Iron Company (CBI)

  • Mon, Jul. 20, 8:22 AM
    • Chicago Bridge (NYSE:CBI) has been awarded a contract in excess of $90M by NefteGazIndustriya through project developer MAVEG Industrieausruestungen for the Afipsky Oil Refinery.
    • The scope of work includes detailed engineering and procurement of a steam methane reformer for a large-scale hydrogen plant, hydrocracking heaters and Breech-Lock exchangers.
    | Mon, Jul. 20, 8:22 AM | 6 Comments
  • Tue, Jul. 7, 10:41 AM
    • Chicago Bridge (CBI -5.2%) is again heading south despite another maintenance contract. Shares are now down 18.6% over the past month.
    • The new $120M award was granted by a leading hydrocarbon operator for its facilities in Peru.
    | Tue, Jul. 7, 10:41 AM | 28 Comments
  • Mon, Jul. 6, 8:55 AM
    • The contract, awarded by the Omaha Public Power District, is for maintenance and modifications for the district's fossil and nuclear plants in Nebraska.
    | Mon, Jul. 6, 8:55 AM | 18 Comments
  • Tue, Jun. 30, 1:41 PM
    • CB&I (CBI +0.6%) says it has been awarded a contract to build storage as part of a $1.5B petrochemical project owned by Occidental Petroleum (NYSE:OXY).
    • CBI says it will build the project’s ethylene storage facility near Houston, and has a new $115M contract to engineer and build the surface facilities and piping at the salt cavern storage location.
    • OXY announced the overall project in 2013 with a projected 2017 opening to take advantage of cheap shale gas feedstock.
    | Tue, Jun. 30, 1:41 PM | 6 Comments
  • Wed, Jun. 24, 3:19 PM
    • Chicago Bridge & Iron (CBI -1.9%) is maintained with an Underperform rating and $30 price target by Macquarie, which sees news on nuclear flow continuing to be negative with the likelihood of further project delays.
    • The firm notes that milestone activities related to Southern's (NYSE:SO) Vogtle nuclear plant have continued to slip, with only 23.7% of construction completed as of April; CBI CFO Michael Taff has said cost overruns would be borne by partner Westinghouse, but Macquarie thinks that is unlikely and CBI will be held partially responsible.
    • While some delays may be related to reactor design amendments, the project schedule also is impacted by "required repair work on... legacy modules from Lake Charles," which the firm says "further confirms that CBI will be held partially responsible."
    | Wed, Jun. 24, 3:19 PM | 41 Comments
  • Thu, Jun. 4, 10:39 AM
    • Chicago Bridge & Iron (CBI -1.7%) backed its 2015 guidance at the Credit Suisse 2015 Engineering & Construction Conference today: Revenue of $14.4B-$15.2B (vs. $14.05B consensus) and EPS of $5.55-$6.05 (vs. $5.68 consensus).
    • Operating margin profiles: Engineering & Construction 4%-7%; Technology 25%-30%; Fabrication Services 10%-13%; Capital Services 3%-6%.
    | Thu, Jun. 4, 10:39 AM | 8 Comments
  • Fri, May 29, 8:45 AM
    • CB&I (NYSE:CBI) has "room to run," says Cowen, lifting its price target on shares from $57 to $63.
    • The firm currently has an Outperform rating on the stock.
    | Fri, May 29, 8:45 AM | 10 Comments
  • Mon, May 18, 7:45 AM
    • Anadarko Petroleum (NYSE:APC) confirms the selection of a joint venture between CB&I (NYSE:CBI), Chiyoda and Saipem as the engineering, procurement and construction contractor for the onshore portion of its Mozambique liquefied natural gas development.
    • The scope of the work for the LNG park includes two LNG trains, each with capacity of 6M metric tons/year which is an increase of 1M/train over the original plan, and two LNG storage tanks each with capacity of 180K cubic meters, condensate storage, a multi-berth marine jetty and associated utilities and infrastructure.
    • APC says it has secured non-binding long-term off-take agreements for more than 8M tons/year of LNG from potential customers and is making progress in turning them into binding sales and purchase deals.
    • CBI shares jumped 8% on Friday on initial word of the deal.
    | Mon, May 18, 7:45 AM | 4 Comments
  • Fri, May 15, 6:05 PM
    • After having exited a prior GM position a year ago, David Einhorn's Greenlight Capital bought 9.5M shares of the auto giant in Q1, per Greenlight's Q1 13F.
    • Einhorn previously disclosed the purchase, along with his reasoning, in his Q1 letter. "2015 should be a better year for GM: the company is a year closer to eliminating its losses in Europe; low gas  prices should stimulate demand for its highly profitable SUV and light truck product lines; raw material costs are low; and we believe that the worst of the product recalls is behind them." He also noted GM's buyback, and called earnings estimates beatable.
    • A 1.7M-share stake was taken in Macy's (NYSE:M), and a 1.1M-share stake in Ingram Micro (NYSE:IM). Greenlight's stake in Chicago Bridge & Iron (NYSE:CBI) was more than doubled to 6.7M shares, and its stake in AerCap (NYSE:AER) hiked by 49% to 5.6M.
    • On the flip side, Greenlight liquidated a 1.3M-share stakes in Aetna (NYSE:AET) and Amdocs (NASDAQ:DOX). The firm cut its stake in chipmaker/long-time holding Marvell (NASDAQ:MRVL) by 63% to 9M shares, and in chip equipment maker Lam Research (NASDAQ:LRCX) by 33% to 1.7M shares.
    | Fri, May 15, 6:05 PM | 5 Comments
  • Fri, May 15, 11:57 AM
    • CB&I (CBI +9.3%) soars following a Bloomberg report that Anadarko Petroleum (APC -0.1%) is poised to select it as the main contractor for construction of a potential $15B liquefied natural gas export project in Mozambique.
    • The decision is a milestone for one of the few energy mega-projects around the world to move forward after crude prices collapsed last year; APC believes as much as 75T cf of natural gas may lie in the Area 1 prospect off Mozambique’s shores.
    • Shares of Fluor (FLR -1.4%), which had been considered a contender for the project, are lower.
    | Fri, May 15, 11:57 AM | 51 Comments
  • Wed, May 13, 3:59 PM
    • CB&I (CBI +5.5%) is up sharply following news of a contract award with NextDecade LLC for front end engineering and design services related to the Rio Grande liquefied natural gas export project in Brownsville, Tex.
    • Financial terms are not disclosed, but the scope of work includes all design and engineering activities required for the FERC permitting process, as well as for preparation for procurement of critical equipment prior to the final investment decision.
    • The project includes plans for up to six liquefaction trains with a nominal output capacity of 4.5M metric tons/year of LNG.
    | Wed, May 13, 3:59 PM | 1 Comment
  • Wed, May 13, 3:29 PM
    • Georgia state regulators say there's a "high probability" that Southern Co.'s (SO -0.3%) Vogtle nuclear plant now under construction will be delayed even longer than the expected three years, according to an AP report.
    • SO subsidiary Georgia Power and its co-owners are building two more nuclear reactors at Vogtle in eastern Georgia, but earlier this year the consortium designing and building the plant - Westinghouse and Chicago Bridge & Iron (CBI +5.9%) - said the construction schedule would be delayed by more than three years; those companies remain locked in a legal dispute about who should pay the resulting costs.
    • That schedule may prove a best-case scenario, according to a recent analysis by a nuclear engineer working with utility regulators at the Georgia Public Service Commission.
    • Georgia Power, which owns a 46% stake in the plant, originally expected to spend $6.1B on its share of the project, but the latest estimates from regulators put the company's costs at $8.2B.
    | Wed, May 13, 3:29 PM | 15 Comments
  • Fri, May 8, 12:59 PM
    • Weakness in CB&I (CBI -1.7%) is attributed to news that Toshiba (OTCPK:TOSBF -11.3%), the parent of the company's partner on a nuclear plant construction project, says it will launch an independent investigation committee to examine its accounting for some infrastructure-related projects.
    • Toshiba had previously disclosed the formation of a special committee to conduct an internal investigation but has decided instead to have an independent committee further investigate the matter after finding improper accounting on some projects.
    • Total capital costs for the nuclear plant project are estimated at $5.2B, or $6.8B including escalation and allowance for funds used during construction.
    | Fri, May 8, 12:59 PM | 55 Comments
  • Thu, May 7, 8:46 AM
    • Chicago Bridge & Iron (NYSE:CBI) declares $0.07/share quarterly dividend, in line with previous.
    • Forward yield 0.56%
    • Payable June 30; for shareholders of record June 19; ex-div June 17.
    | Thu, May 7, 8:46 AM | 3 Comments
  • Thu, Apr. 23, 4:34 PM
    • Chicago Bridge & Iron (NYSE:CBI): Q1 EPS of $1.21 beats by $0.07.
    • Revenue of $3.13B (+6.8% Y/Y) misses by $230M.
    • Press Release
    | Thu, Apr. 23, 4:34 PM | 16 Comments
  • Wed, Apr. 22, 5:35 PM
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.