THE WOODLANDS, Texas,
Feb. 9, 2016 /PRNewswire/
-- CB&I (NYSE:CBI) today hosted an Investor Day in
New York City. During the meeting,
CB&I's management team focused on its business operations,
strategic outlook and plans for sustained growth. CB&I also
announced preliminary fourth quarter and full-year 2015 financial
results and provided initial guidance for 2016.
2016 Guidance
CB&I's initial guidance for 2016:
Revenue
$11.4 - $12.2 billion
Earnings Per Share (diluted)
$5.00 - $5.50
Preliminary Fourth Quarter and Full-Year Results for
2015
For the year ending Dec. 31, 2015,
the company expects to report new awards of approximately
$13 billion, backlog of $23 billion and revenue of $13 billion, including an $890 million negative impact attributable to
foreign currency translation. CB&I anticipates adjusted
operating income of $1.1 billion, or
8.4 percent of revenue, and adjusted net income to approximate
$631 million, or $5.86 per diluted share. For the year, net cash
used by operating activities is estimated to be $56 million.
For the fourth quarter of 2015, CB&I expects to report new
awards of approximately $3.3 billion
and revenue of $3.3 billion. The
company anticipates adjusted operating income of $279 million, or 8.5 percent of revenue, and
adjusted net income to approximate $165
million, or $1.56 per diluted
share. Net operating cash flows for the quarter are estimated to be
$117 million.
Reconciliation of Non-GAAP Information is included in the table
below.
CB&I's Investor Day webcast is available on the Investor
Relations page of www.CBI.com.
About CB&I
CB&I (NYSE:CBI) is the most complete energy infrastructure
focused company in the world. With 125 years of experience and the
expertise of approximately 42,000 employees, CB&I provides
reliable solutions while maintaining a relentless focus on safety
and an uncompromising standard of quality. For more information,
visit www.cbi.com.
Important Information For Investors And Shareholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding
CB&I and represents our expectations and beliefs concerning
future events. These forward-looking statements are intended to be
covered by the safe harbor for forward-looking statements provided
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties. When considering any statements that are predictive
in nature, depend upon or refer to future events or conditions, or
use or contain words, terms, phrases or expressions such as
"achieve," "forecast," "plan," "propose," "strategy," "envision,"
"hope," "will," "continue," "potential," "expect," "believe,"
"anticipate," "project," "estimate," "predict," "intend," "should,"
"could," "may," "might" or similar forward-looking statements, we
refer you to the cautionary statements concerning risk factors and
"Forward-Looking Statements" described under "Risk Factors" in Item
1A of our Annual Report filed on Form 10-K filed with the SEC for
the year ended December 31, 2014, and
any updates to those risk factors or "Forward-Looking Statements"
included in our subsequent Quarterly Reports on Form 10-Q filed
with the SEC, which cautionary statements are incorporated herein
by reference.
Chicago Bridge
& Iron Company N.V.
|
Reconciliation of
Non-GAAP Supplemental Information
|
(in thousands, except
per share data)
|
|
|
|
|
|
Three
Months
|
|
Twelve
Months
|
|
|
Ended December 31,
2015
|
|
|
|
|
|
Adjusted income
from operations
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
$
|
(66,060)
|
|
|
$
|
(425,117)
|
|
Charges related to
disposition of nuclear operations
|
|
|
345,371
|
|
|
|
1,505,851
|
|
Adjusted income from
operations
|
|
$
|
279,311
|
|
|
$
|
1,080,734
|
|
Adjusted % of
Revenue
|
|
8.5
|
%
|
|
8.4
|
%
|
|
|
|
|
|
Adjusted net
income attributable to CB&I
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to CB&I
|
|
$
|
(65,725)
|
|
|
$
|
(504,415)
|
|
Charges related to
disposition of nuclear operations, net of tax
(1)
|
|
230,910
|
|
|
1,135,140
|
|
Adjusted net income
attributable to CB&I
|
|
$
|
165,185
|
|
|
$
|
630,725
|
|
|
|
|
|
|
Adjusted net
income attributable to CB&I per share
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to CB&I
|
|
$
|
(0.63)
|
|
|
$
|
(4.72)
|
|
Charges related to
disposition of nuclear operations, net of tax
(1)
|
|
2.19
|
|
|
10.58
|
|
Adjusted net income
attributable to CB&I per share
|
|
$
|
1.56
|
|
|
$
|
5.86
|
|
|
(1)
The three and twelve month periods ended December 31, 2015, include
$345,371 and $1,505,851, respectively of non-cash charges related
to the disposition of our nuclear operations, less the tax impact
of $114,461 and $370,711, respectively. The unadjusted per share
amounts for the three and twelve month 2015 periods are based upon
diluted weighted average shares that are equivalent to our basic
weighted average shares of 104,763 and 106,766, respectively, due
to the net loss for the periods. The adjusted per share amounts for
the three and twelve month 2015 periods are based upon diluted
weighted average shares of 105,926 and 107,719,
respectively.
|
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SOURCE CB&I