Chicago Bridge & Iron (CBI) Q1 Earnings Trump Estimates
Zacks Investment Research | Apr 23, 2018 11:00PM ET
Chicago Bridge & Iron Company N.V. (NYSE:CBI) reported first-quarter 2018 adjusted earnings of 43 cents per share, beating the Zacks Consensus Estimate of 40 cents by 7.5%. Also, the metric jumped a whopping 79.2% on a year-over-year basis due to successful cost-reduction initiatives and strong operational execution.
Inside the Headlines
Chicago Bridge & Iron posted quarterly revenues of $1,745.6 million, missing the Zacks Consensus Estimate of $1,781.2 million. The top line also declined 4.5% year over year. This lackluster performance was largely a result of revenue declines across two of the company’s segments.
Gross profit rose 14.7% year over year to $173.1 million, while gross margin expanded 170 basis points (bps) to 9.9%. The improvement in margins was driven by a steep year-over-year decline in cost of revenues.
Operating income increased 36% year over year to $107.7 million, driven by improved performance in the Engineering & Construction segment and cost-reduction efforts. Operating margins expanded 190 bps to 6.2%.
The company booked new awards worth $1,133.4 million in the quarter compared with $2,796.1 million in the prior-year quarter. The company stated that the year-over-year decline was caused by the timing of the new award activity.
Chicago Bridge & Iron Company N.V. Price, Consensus and EPS Surprise
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