USA: CB&I Net Income at USD 255 Million

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CB&I reported net income for the fourth quarter of $70.5 million, versus $63.2 million in 2010. Revenue for the quarter was $1.3 billion, with new awards of $772.4 million.

For the full-year, net income was $255.0 million. CB&I’s consolidated 2011 revenue was $4.6 billion, up 25% over 2010. Cash and cash equivalents as of December 31, 2011 were $671.8 million, versus $481.7 million as of December 31, 2010.

I’m extremely proud of our employees for delivering another year of outstanding performance,” said Philip K. Asherman, President and CEO. “Looking to the future, we expect to continue to execute our healthy backlog, leverage our unique business model to capture growth opportunities, and help our clients meet the growing global demand for energy infrastructure, which gives us strong confidence in the future of CB&I.”

New Awards for 2011 totaled $6.8 billion, reflecting the company’s ability to capitalize…

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