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Chicago Bridge & Iron Company (CBI)

- NYSE
  • 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.
    | 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.
    | 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.
    | 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.
    | 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.
    | 14 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.
    | 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.
    | 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
    | 16 Comments
  • Wed, Apr. 22, 5:35 PM
  • Mon, Apr. 20, 9:47 AM
    • CB&I (CBI +1.4%) has received a contract to provide engineering and procurement services for the Afipsky Oil Refinery in Krasnodar, Russia.
    • The company's project scope includes early detail services for multiple new process units, as well as hydrogen and sulfur units licensed by CB&I and other associated businesses.
    | 5 Comments
  • Wed, Apr. 1, 8:18 AM
    • Under a new $60M contract, CB&I (NYSE:CBI) will engineer, procure and construct storage tanks in Venezuela.
    • CBI shares have plunged 42% in the past 52 weeks.
    | 2 Comments
  • Thu, Mar. 26, 8:43 AM
    • A joint venture between CB&I (NYSE:CBI), Chiyoda International (OTCPK:CHYCF), and Zachry Industrial has been awarded a contract by FLNG Liquefaction 3, valued in excess of $2B, for the construction of the third train of a natural gas liquefaction and export facility in Texas.
    • The work includes a double-walled, full-containment 165K cubic meter LNG storage tank, which will be supplied by CB&I.
    • Upon completion, the three-train LNG liquefaction facility will have a total  LNG capacity in excess of 13.9M tons per year.
    | 6 Comments
  • Mon, Mar. 16, 11:28 AM
    • CB&I (CBI) has been awarded contracts by Naftna Industrija Srbije for the technology license and front end engineering design of a delayed coker unit in Serbia.
    • The project scope includes an extensive process planning study for the refinery, which will evaluate how to best integrate the delayed coker with the refinery's existing fluid catalytic cracking unit and hydrocracker.
    | 1 Comment
  • Fri, Mar. 13, 12:38 PM
    • Today's weakness in CBI (CBI -4.6%) appears to be mostly related to news from Scana Corp. (SCG -1.7%) regarding delays and costs related to the construction of nuclear units in South Carolina that CBI is building.
    • SCE&G, Scana’s electric utility, said last night that the cost for completing the new nuclear units at the Jenkinsville plant in South Carolina are likely to rise to $11B from its initial $9.8B price tag, and completion of the Unit 2 reactor will be pushed out three years to 2019.
    • SCG says the delays and related cost increases are due to design and fabrication issues associated with the production of submodules used in construction of the units, and that it is negotiating with CBI and Westinghouse regarding the responsibility for delay costs.
    • Earlier: CB&I's Ballschmiede out as CFO, to be replaced by Flowserve's Taff
    | 16 Comments
  • Fri, Mar. 13, 10:28 AM
    • CB&I (CBI -7.5%) appoints Michael Taff as CFO and executive VP, effective April 1, succeeding the retiring Ronald Ballschmiede.
    • Taff has more than 30 years' experience of financial experience, and joins CBI from Flowserve (FLS -3.5%), where he served as senior VP and CFO, after previously serving as CFO of McDermott.
    • Ballschmiede had been CBI's CFO and executive VP since 2006, and no reason was given for his retirement.
    | 16 Comments
  • Wed, Feb. 25, 10:03 AM
    • Chicago Bridge & Iron (CBI +11.6%) is soaring higher after posting an impressive set of Q4 results after the bell yesterday.
    • The company also forecast 2015 EPS of $5.55-$6.05 on revenues of $14.4B-$15.2B above analyst estimates of EPS of $5.63 on revenues of $14.35B.
    | 25 Comments
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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.