Stock Monitor: MYR Group Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 3, 2018 / Active-Investors.com has just released a free earnings report on Chicago Bridge & Iron Co. N.V. (NYSE: CBI) ("Chicago Bridge"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CBI. Chicago Bridge reported its fourth quarter and fiscal 2017 operating and financial results on February 20, 2018. The engineering, procurement, and construction services provider's revenue and earnings declined on a y-o-y basis. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for MYR Group Inc. (NASDAQ: MYRG), which also belongs to the Industrial Goods sector as the Company Chicago Bridge & Iron. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=MYRG
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Chicago Bridge & Iron most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=CBI
Earnings Highlights and Summary
For the fourth quarter 2017, Chicago Bridge's revenue totaled $1.69 billion compared to revenue of $2.02 billion for Q4 2016. The Company's reported numbers fell short of analysts' estimates of $1.77 billion.
For the year 2017, Chicago Bridge's revenue was $6.7 billion compared to revenue of $8.6 billion in FY16.
During Q4 2017, Chicago Bridge's new awards were $1.3 billion, reflecting an increase of 37.8% on a y-o-y basis. The Company's new awards increased 17.0% on a y-o-y basis for FY17 to $5.8 billion. As of December 31, 2017, Chicago Bridge's backlog was $11.4 billion compared to $13.0 billion at December 31, 2016.
For Q4 2017, Chicago Bridge reported a net loss of $1.1 billion, or $10.52 per diluted share, compared to a net loss of $665.7 million, or $6.65 per diluted share, in Q4 2016. The Company's reported quarter loss included four unfavorable non-operating items totaling $11.02 per share. Chicago Bridge's adjusted earnings of $0.48 per share, beat Wall Street's estimates of $0.47 per share.
For FY 2017, Chicago Bridge posted a net loss of $1.5 billion, or $14.44 per diluted share, compared to a net loss of $313.2 million, or $3.02 per share, for FY16.
Chicago Bridge & Iron's Segment Results
During Q4 2017, Chicago Bridge's Engineering & Construction (E&C) group's new awards more than doubled, to $754.3 million compared to $334.3 million in Q4 2016. The segment's backlog as of December 31, 2017, was $8.3 billion, compared to $9.9 billion at the end of 2016.
E&C operating group revenues were $1.2 billion for Q4 2017 compared to $1.4 billion in Q4 2016. The E&C group reported an operating loss for the reported quarter of $41.2 million compared to an operating loss of $186.4 million in the prior year's same period. The group exceeded its full-year targets for utilization rates among home office and construction employees and for reductions in SG&A expense. The group also continued to realize the benefits of its high-value engineering center in India, which exceeded 1 million chargeable hours for the second consecutive year.
For Q4 2017, the Fabrion Services group's new awards were $399.8 million compared to $429.6 million in Q4 2016. The segment's backlog as of December 31, 2017, was $1.8 billion compared to $2.1 billion at the end of 2016. In Q4 2017, Fabrication Services' revenues totaled $372.6 million compared to $581.8 million in Q4 2016. The segment reported operating income of $92.1 million for the reported quarter compared to $20.3 million in the prior year's corresponding period.
During Q4 2017, the Technology operating group's revenue soared 49% to $96.6 million on a y-o-y basis. The segment's new awards were $130.7 million for the reported quarter compared to $168.7 million in the prior year's same quarter. Technology group's backlog as of December 31, 2017, increased 18.0% to $1.2 billion compared to $1.0 billion at the end of 2016. The Technology group reported operating income of $31.5 million for Q4 2017, reflecting a 10.5% increase compared to $28.5 million in Q4 2016.
Cash Matters
At the end of 2017, Chicago Bridge had $354.6 million of cash and cash equivalents and $703.9 million of available capacity under its revolving credit agreements. For Q4 2017, the Company reported negative operating cash flow of $221.4 million compared to negative operating cash flow of $221.9 million in Q3 2017. Chicago Bridge's total debt at the end of Q4 2017 was $2.3 billion compared to $2.1 billion at the end of the preceding quarter.
Chicago Bridge's unapproved change orders and claims totaled $227.2 million at the end of Q4 2017, down 60.8% on a sequential-quarter basis. The Company's net contract capital was negative $1.1 billion at the end of the reported quarter.
Stock Performance Snapshot
April 02, 2018 - At Monday's closing bell, Chicago Bridge & Iron's stock declined 7.01%, ending the trading session at $13.39.
Volume traded for the day: 2.93 million shares, which was above the 3-month average volume of 2.77 million shares.
After yesterday's close, Chicago Bridge & Iron's market cap was at $1.36 billion.
The stock is part of the Industrial Goods sector, categorized under the General Contractors industry.
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