CB&I reported strong earnings in the third quarter of 2013 yesterday, reporting net income of $117.7 million, which includes after tax costs of $3.7 million related to the acquisition earlier this year of The Shaw Group. “CB&I had another successful quarter and continued to deliver growth in revenue and income from operations. Revenue was up 107 percent from $1.4 billion in the third quarter 2012, and adjusted income from operations was $207.4 million, up 57 percent from the comparable period last year. The company earned adjusted earnings per share of $1.12,” Philip K. Asherman, President and CEO, said in a statement. “We are confident in our ability to convert major prospects into new backlog in the fourth quarter of 2013 and in 2014, while sustaining the margins in the end markets we serve.”
CB&I REPORTS $117.7 MILLION IN THIRD QUARTER EARNINGS
Shipbuilding leads HII to strong third quarter
Huntington Ingalls Industries (HII) reported strong third quarter financial results driven by strong shipbuilding sales, profit on the Virginia-class attack submarine program, and milestones achieved in unmanned maritime systems. Net income soared 50% to $217 million, $5.48 earnings per share (EPS), from $145 million ($3.68 EPS) a year ago. Sales increased 11% to $3.5 billion […]