EX-99.1 2 a201609308-kex991.htm EXHIBIT 99.1 Exhibit

Exhibit 99.1

cbilogoimagea01.jpg

NEWS RELEASE

For Immediate Release:
October 27, 2016

Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

CB&I Reports Third-Quarter 2016 Financial Results
Strong Earnings, Cash Flow and New Awards in the Quarter

THE WOODLANDS, Texas – October 27, 2016 – CB&I (NYSE: CBI) today reported net income of $121.8 million, or $1.20 per diluted share, for the third quarter of 2016, as compared to a net loss of $740.4 million, or $7.02 per diluted share, for the third quarter of 2015. On an adjusted basis, net income for the third quarter of 2015 was $135.9 million, or $1.28 per diluted share.
Third quarter 2016 revenue was $2.8 billion, as compared to $3.3 billion in the third quarter of 2015, or $2.8 billion on an adjusted basis.
Net cash provided by operating activities totaled $176 million in the period, for a total of $495 million year-to-date.
New awards for the third quarter were $2.7 billion, as compared to $4.0 billion for the third quarter of 2015, or $3.9 billion on an adjusted basis. The company's backlog at the end of the third quarter of 2016 was $20 billion.
"Our results for the third quarter were strong, despite the headwinds of the market and movement on the timing of several new awards," said Philip K. Asherman, CB&I's President and Chief Executive Officer. "New awards, revenues, operating income and margins, and earnings per share all reached their highest points year-to-date. We continue to be optimistic with a very active prospect list that we expect to see awarded in the fourth quarter and into 2017."




Earnings Conference Call
CB&I will host a webcast on October 27 at 4:00 p.m. Central time (5:00 p.m. Eastern time) to discuss financial and operating results and answer questions from investors. The webcast will be available on the Investor Relations page of www.CBI.com.
About CB&I
CB&I (NYSE:CBI) is a leading provider of technology and infrastructure for the energy industry. With over 125 years of experience and the expertise of more than 40,000 employees, CB&I provides reliable solutions to our customers around the world 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, 2015, 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.
Non-GAAP Financial Measures
To supplement CB&I's consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures, including: adjusted revenue, adjusted income from operations, adjusted net income attributable to CB&I, adjusted net income attributable to CB&I per share (diluted), and adjusted operating cash flows. These non-GAAP financial measures exclude the results of CB&I's nuclear operations and non-cash charges related to the disposition of such operations. These non-GAAP financial measures are presented to enhance investors' understanding of the results of CB&I's core business operations. CB&I considers these non-GAAP financial measures to be useful measures of the operating performance of the company, because they contain adjustments for unusual events or factors that do not directly affect what management considers to be CB&I's core operating performance, and are used by the company's management for that purpose. Management also believes that these non-GAAP financial measures allow for a better evaluation of the company's performance by facilitating a meaningful comparison of the company's core operating results in a given period to those in prior and future periods. In addition, investors often use similar measures to evaluate the operating performance of a company.
Non-GAAP financial measures are presented for supplemental informational purposes only to aid an understanding of the company's operating results. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures presented by other companies. For more information on these non-GAAP financial measures and key metrics, please see the tables captioned “Non-GAAP Supplemental Adjusted Financial Data”, “Non-GAAP Supplemental Adjusted Segment Information” and “Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information” which are included at the end of this release.


Chicago Bridge & Iron Company N.V.
Segment Information
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS (1)
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,492,429

 
55%
 
$
2,407,835

 
60%
 
$
2,779,238

 
49%
 
$
4,923,193

 
50%
Fabrication Services
 
225,716

 
8%
 
840,658

 
21%
 
852,383

 
15%
 
2,612,747

 
26%
Technology
 
119,348

 
5%
 
97,539

 
3%
 
310,737

 
5%
 
255,648

 
3%
Capital Services
 
878,930

 
32%
 
654,270

 
16%
 
1,730,303

 
31%
 
2,084,413

 
21%
Total 
 
$
2,716,423

 
 
 
$
4,000,302

 
 
 
$
5,672,661

 
 
 
$
9,876,001

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,660,149

 
60%
 
$
1,946,426

 
59%
 
$
4,719,603

 
58%
 
$
5,681,134

 
59%
Fabrication Services
 
512,772

 
19%
 
640,201

 
19%
 
1,556,972

 
19%
 
1,889,340

 
20%
Technology
 
90,487

 
3%
 
118,269

 
3%
 
219,561

 
3%
 
310,605

 
3%
Capital Services
 
512,769

 
18%
 
616,786

 
19%
 
1,643,389

 
20%
 
1,773,461

 
18%
Total 
 
$
2,776,177

 
 
 
$
3,321,682

 
 
 
$
8,139,525

 
 
 
$
9,654,540

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction (2)
 
$
133,946

 
8.1%
 
$
(1,007,354
)
 
(51.8)%
 
$
341,504

 
7.2%
 
$
(694,469
)
 
(12.2)%
Fabrication Services
 
55,624

 
10.8%
 
61,408

 
9.6%
 
160,726

 
10.3%
 
169,744

 
9.0%
Technology
 
27,310

 
30.2%
 
31,911

 
27.0%
 
76,718

 
34.9%
 
116,676

 
37.6%
Capital Services
 
16,642

 
3.2%
 
24,073

 
3.9%
 
44,647

 
2.7%
 
48,992

 
2.8%
Total
 
$
233,522

 
8.4%
 
$
(889,962
)
 
(26.8)%
 
$
623,595

 
7.7%
 
$
(359,057
)
 
(3.7)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BACKLOG (3)
 
 
September 30, 2016
 
% of Total
 
December 31, 2015
 
% of Total
Engineering & Construction
 
$
11,070,405
 
 
56%
 
$
12,892,804
 
 
57%
Fabrication Services
 
2,309,333
 
 
12%
 
3,107,500
 
 
14%
Technology
 
940,960
 
 
5%
 
963,058
 
 
4%
Capital Services
 
5,451,159
 
 
27%
 
5,680,577
 
 
25%
Total
 
$
19,771,857
 
 
 
 
 
 
$
22,643,939
 
 
 
 
 
 
(1)   New awards represent the value of new project commitments received by the Company during a given period, as well as scope growth on existing commitments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2)   During the three months ended September 30, 2015, we recorded a non-cash pre-tax charge of $1,160,480 within our Engineering & Construction operating group related to the disposition of our nuclear operations.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3)   Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation. Backlog may also fluctuate with currency movements.



Chicago Bridge & Iron Company N.V. 
Consolidated Statements of Operations 
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
Three Months
 
Nine Months
 
 
Ended September 30,
 
Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Revenue
 
$
2,776,177

 
$
3,321,682

 
$
8,139,525

 
$
9,654,540

Cost of revenue
 
2,449,609

 
2,943,965

 
7,230,826

 
8,523,529

Gross profit
 
326,568

 
377,717

 
908,699

 
1,131,011

% of Revenue
 
11.8
%
 
11.4
 %

11.2
%
 
11.7
 %
 
 
 
 
 
 
 
 
 
Selling and administrative expense
 
87,814

 
93,672

 
263,142

 
287,926

% of Revenue
 
3.2
%
 
2.8
 %

3.2
%
 
3.0
 %
 
 
 
 
 
 
 
 
 
Intangibles amortization
 
10,485

 
14,948

 
32,256

 
45,542

Equity earnings
 
(5,394
)
 
(1,154
)
 
(11,369
)
 
(5,750
)
Goodwill impairment
 
—

 
453,100

 
—

 
453,100

Loss on net assets held for sale and intangible assets impairment
 
—

 
707,380

 
—

 
707,380

Other operating expense (income), net
 
141

 
(267
)
 
1,075

 
1,870

Income (loss) from operations
 
233,522

 
(889,962
)
 
623,595

 
(359,057
)
% of Revenue
 
8.4
%
 
(26.8
)%

7.7
%
 
(3.7
)%
 
 
 
 
 
 
 
 
 
Interest expense
 
(26,433
)
 
(25,025
)
 
(78,404
)
 
(68,425
)
Interest income
 
2,608

 
2,058

 
8,156

 
6,290

Income (loss) before taxes
 
209,697

 
(912,929
)
 
553,347

 
(421,192
)
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
 
(41,278
)
 
187,375

 
(132,418
)
 
38,275

Net income (loss)
 
168,419

 
(725,554
)
 
420,929

 
(382,917
)
 
 
 
 
 
 
 
 
 
Less: Net income attributable to noncontrolling interests
 
(46,659
)
 
(14,879
)
 
(68,405
)
 
(55,773
)
Net income (loss) attributable to CB&I
 
$
121,760

 
$
(740,433
)
 
$
352,524

 
$
(438,690
)
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to CB&I per share:
 
 
 
 
 
 
 
 
Basic
 
$
1.20

 
$
(7.02
)
 
$
3.40

 
$
(4.08
)
Diluted
 
$
1.20

 
$
(7.02
)
 
$
3.37

 
$
(4.08
)
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
101,102

 
105,454

 
103,725

 
107,440

Diluted
 
101,863

 
105,454

 
104,555

 
107,440

 
 
 
 
 
 
 
 
 
Cash dividends on shares:
 
 
 
 
 
 
 
 
Amount
 
$
6,995

 
$
7,333

 
$
21,726

 
$
22,540

Per share
 
$
0.07

 
$
0.07

 
$
0.21

 
$
0.21




Chicago Bridge & Iron Company N.V.
Condensed Consolidated Balance Sheets
(in thousands)
 
 
 
 
 
 
 
September 30,
 
December 31,
 
 
2016
 
2015
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
 
$
3,464,952

 
$
3,367,299

Equity investments
 
159,326

 
136,845

Property and equipment, net
 
578,371

 
604,043

Goodwill and other intangibles, net
 
4,092,186

 
4,122,455

Other non-current assets
 
874,464

 
961,418

Total assets
 
$
9,169,299

 
$
9,192,060

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Current maturities of long-term debt and other borrowings, net
 
$
941,686

 
$
800,871

Other current liabilities
 
4,046,085

 
4,056,077

Long-term debt, net
 
1,456,114

 
1,791,832

Other non-current liabilities
 
378,558

 
379,690

 
 
 
 
 
Shareholders' equity
 
2,346,856

 
2,163,590

Total liabilities and shareholders’ equity
 
$
9,169,299

 
$
9,192,060

 
 
Condensed Consolidated Statements of Cash Flows and Other Financial Data
(in thousands)
 
 
 
 
 
Nine Months
 
 
Ended September 30,
 
 
2016
 
2015
CASH FLOWS
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
 
$
495,041

 
$
(173,422
)
Cash flows from investing activities
 
(151,686
)
 
(317,868
)
Cash flows from financing activities
 
(268,422
)
 
621,883

Effect of exchange rate changes on cash and cash equivalents
 
(10,188
)
 
(58,016
)
Increase in cash and cash equivalents
 
64,745

 
72,577

Cash and cash equivalents, beginning of the year
 
550,221

 
351,323

Cash and cash equivalents, end of the period
 
$
614,966

 
$
423,900

 
 
 
 
 
OTHER FINANCIAL DATA
 
 
 
 
 
 
 
 
 
Decrease (increase) in receivables, net
 
$
46,418

 
$
(157,645
)
Change in contracts in progress, net
 
(252,857
)
 
(783,027
)
Decrease (increase) in inventory
 
49,473

 
(13,111
)
Increase (decrease) in accounts payable
 
11,830

 
(28,671
)
Change in contract capital
 
$
(145,136
)
 
$
(982,454
)
 
 
 
 
 
Depreciation and amortization
 
$
93,285

 
$
128,261

Capital expenditures
 
$
37,855

 
$
53,894




Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Financial Data
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)
(in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,125,745

 
$
—

 
$
(488,259
)
 
$
2,637,486

Income from operations
 
$
246,798

 
$
—

 
$
(45,600
)
 
$
201,198

Net income attributable to CB&I
 
$
132,228

 
$
—

 
$
(27,816
)
 
$
104,412

Net income attributable to CB&I per share (diluted) (2)
 
$
1.21

 
$
—

 
$
(0.25
)
 
$
0.96

New Awards
 
$
3,031,183

 
$
—

 
$
(5,206
)
 
$
3,025,977

Backlog
 
$
29,934,182

 
$
—

 
$
(8,193,792
)
 
$
21,740,390

Operating Cash Flows
 
$
(289,871
)
 
$
—

 
$
303,600

 
$
13,729

 
 
 
Three Months Ended June 30, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,207,113

 
$
—

 
$
(564,327
)
 
$
2,642,786

Income from operations
 
$
284,107

 
$
—

 
$
(71,800
)
 
$
212,307

Net income attributable to CB&I
 
$
169,515

 
$
—

 
$
(43,798
)
 
$
125,717

Net income attributable to CB&I per share (diluted) (2)
 
$
1.55

 
$
—

 
$
(0.40
)
 
$
1.15

New Awards
 
$
2,844,516

 
$
—

 
$
(574,719
)
 
$
2,269,797

Backlog
 
$
29,432,933

 
$
—

 
$
(8,204,184
)
 
$
21,228,749

Operating Cash Flows
 
$
95,167

 
$
—

 
$
271,200

 
$
366,367

 
 
 
Three Months Ended September 30, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,321,682

 
$
—

 
$
(502,922
)
 
$
2,818,760

(Loss) income from operations
 
$
(889,962
)
 
$
1,160,480

 
$
(45,715
)
 
$
224,803

Net (loss) income attributable to CB&I
 
$
(740,433
)
 
$
904,230

 
$
(27,886
)
 
$
135,911

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(7.02
)
 
$
8.56

 
$
(0.26
)
 
$
1.28

New Awards
 
$
4,000,302

 
$
—

 
$
(84,289
)
 
$
3,916,013

Backlog
 
$
29,928,616

 
$
—

 
$
(7,785,551
)
 
$
22,143,065

Operating Cash Flows
 
$
21,282

 
$
—

 
$
305,685

 
$
326,967

 
 
 
Three Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
3,274,964

 
$
—

 
$
(505,659
)
 
$
2,769,305

(Loss) income from operations
 
$
(66,060
)
 
$
345,371

 
$
(52,035
)
 
$
227,276

Net (loss) income attributable to CB&I
 
$
(65,725
)
 
$
230,910

 
$
(31,741
)
 
$
133,444

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(0.63
)
 
$
2.19

 
$
(0.30
)
 
$
1.26

New Awards
 
$
3,262,497

 
$
—

 
$
(8,151
)
 
$
3,254,346

Backlog
 
$
22,643,939

 
$
—

 
$
—

 
$
22,643,939

Operating Cash Flows
 
$
117,208

 
$
—

 
$
252,865

 
$
370,073

 
 
 
 
 
Twelve Months Ended December 31, 2015 (1)
 
 
As Reported
 
Disposition Charges
 
Removal of Divested Business
 
Excluding Divested Business
 
 
 
 
 
 
 
 
 
Revenue
 
$
12,929,504

 
$
—

 
$
(2,061,167
)
 
$
10,868,337

(Loss) income from operations
 
$
(425,117
)
 
$
1,505,851

 
$
(215,150
)
 
$
865,584

Net (loss) income attributable to CB&I
 
$
(504,415
)
 
$
1,135,140

 
$
(131,241
)
 
$
499,484

Net (loss) income attributable to CB&I per share (diluted) (3)
 
$
(4.72
)
 
$
10.58

 
$
(1.22
)
 
$
4.64

New Awards
 
$
13,138,498

 
$
—

 
$
(672,365
)
 
$
12,466,133

Backlog
 
$
22,643,939

 
$
—

 
$
—

 
$
22,643,939

Operating Cash Flows
 
$
(56,214
)
 
$
—

 
$
1,133,350

 
$
1,077,136

 
(1)  The summary unaudited adjusted financial information presented in the tables above is for illustrative purposes only and is based on assumptions and estimates considered appropriate by CB&I management; however, it is not necessarily indicative of what CB&I’s consolidated financial position or results of operations actually would have been assuming the transaction was completed on January 1, 2015, and does not purport to represent CB&I’s consolidated financial position or results of operations for future periods. The above should be read together with the historical financial statements, including the related notes thereto, included in CB&I’s Annual Report on Form 10-K for the year ended December 31, 2015, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015, June 30, 2015, and September 30, 2015.
 
 
 
 
 
 
 
 
 
 
 
(2)   The unadjusted and adjusted per share amounts for the three months ended March 31, 2015, and June 30, 2015, are based upon diluted weighted average shares of 109,261 and 109,533, respectively.
 
 
 
 
 
 
 
 
 
 
 
(3)   The unadjusted per share amounts for the three months ended September 30, 2015, and December 31, 2015, and twelve months ended December 31, 2015, are based upon diluted weighted average shares that are equivalent to our basic weighted average shares of 105,454, 104,763 and 106,766, respectively, due to the net loss for the periods, and the adjusted per share amounts are based upon diluted weighted average shares of 106,322,105,926 and 107,719, respectively.



Chicago Bridge & Iron Company N.V.
Non-GAAP Supplemental Adjusted Segment Information
(amounts adjusted to exclude the results of our nuclear operations and non-cash charges related to the disposition of our nuclear operations)
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
March 31, 2015 (1)
 
June 30, 2015 (1)
 
September 30, 2015 (1)
 
December 31, 2015 (1)
 
December 31, 2015 (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NEW AWARDS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,204,201

 
40%
 
$
731,232

 
32%
 
$
2,323,546

 
60%
 
$
1,778,520

 
55%
 
$
6,037,499

 
48%
Fabrication Services
 
927,374

 
31%
 
844,715

 
37%
 
840,658

 
21%
 
493,816

 
15%
 
3,106,563

 
25%
Technology
 
77,022

 
2%
 
81,087

 
4%
 
97,539

 
2%
 
321,892

 
10%
 
577,540

 
5%
Capital Services
 
817,380

 
27%
 
612,763

 
27%
 
654,270

 
17%
 
660,118

 
20%
 
2,744,531

 
22%
Total 
 
$
3,025,977

 
 
 
$
2,269,797

 
 
 
$
3,916,013

 
 
 
$
3,254,346

 
 
 
$
12,466,133

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
 
 
 
Total 
Engineering & Construction
 
$
1,330,327

 
50%
 
$
1,351,795

 
51%
 
$
1,443,504

 
51%
 
$
1,510,891

 
55%
 
$
5,636,517

 
52%
Fabrication Services
 
637,809

 
24%
 
611,330

 
23%
 
640,201

 
23%
 
553,350

 
20%
 
2,442,690

 
22%
Technology
 
99,361

 
4%
 
92,975

 
4%
 
118,269

 
4%
 
88,494

 
3%
 
399,099

 
4%
Capital Services
 
569,989

 
22%
 
586,686

 
22%
 
616,786

 
22%
 
616,570

 
22%
 
2,390,031

 
22%
Total 
 
$
2,637,486

 
 
 
$
2,642,786

 
 
 
$
2,818,760

 
 
 
$
2,769,305

 
 
 
$
10,868,337

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
% of 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
 
 
 
Revenue 
Engineering & Construction
 
$
90,818

 
6.8%
 
$
104,667

 
7.7%
 
$
107,411

 
7.4%
 
$
112,484

 
7.4%
 
$
415,380

 
7.4%
Fabrication Services
 
52,399

 
8.2%
 
55,937

 
9.2%
 
61,408

 
9.6%
 
55,523

 
10.0%
 
225,267

 
9.2%
Technology
 
48,024

 
48.3%
 
36,741

 
39.5%
 
31,911

 
27.0%
 
34,201

 
38.6%
 
150,877

 
37.8%
Capital Services
 
9,957

 
1.7%
 
14,962

 
2.6%
 
24,073

 
3.9%
 
25,068

 
4.1%
 
74,060

 
3.1%
Total 
 
$
201,198

 
7.6%
 
$
212,307

 
8.0%
 
$
224,803

 
8.0%
 
$
227,276

 
8.2%
 
$
865,584

 
8.0%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)   The summary unaudited adjusted financial information reflects the removal of the results of our nuclear power construction business sold on December 31, 2015, and reflects the removal of the related disposition charges incurred as a result of the sale, as quantified below. The information presented in the tables above is for illustrative purposes only. The exclusion of our nuclear power construction business and the $1,160,480 and $345,371 of charges related to the disposition of our nuclear operations for the three months ended September 30, 2015, and December 31, 2015, respectively, are non-GAAP financial measures, which we believe provides users a better indication of our operating performance. See “Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information” table.



Chicago Bridge & Iron Company N.V.
Reconciliation of Non-GAAP Supplemental Adjusted Segment Information to GAAP Information
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
 
 
March 31, 2015
 
June 30, 2015
 
September 30, 2015
 
December 31, 2015
 
December 31, 2015
NEW AWARDS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
1,204,201

 
 
 
$
731,232

 
 
 
$
2,323,546

 
 
 
$
1,778,520

 
 
 
$
6,037,499

 
 
Nuclear Operations
 
5,206

 
 
 
574,719

 
 
 
84,289

 
 
 
8,151

 
 
 
672,365

 
 
Total
 
 
$
1,209,407

 
 
 
$
1,305,951

 
 
 
$
2,407,835

 
 
 
$
1,786,671

 
 
 
$
6,709,864

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
3,025,977

 
 
 
$
2,269,797

 
 
 
$
3,916,013

 
 
 
$
3,254,346

 
 
 
$
12,466,133

 
 
Nuclear Operations
 
5,206

 
 
 
574,719

 
 
 
84,289

 
 
 
8,151

 
 
 
672,365

 
 
Total
 
 
$
3,031,183

 
 
 
$
2,844,516

 
 
 
$
4,000,302

 
 
 
$
3,262,497

 
 
 
$
13,138,498

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REVENUE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
1,330,327

 
 
 
$
1,351,795

 
 
 
$
1,443,504

 
 
 
$
1,510,891

 
 
 
$
5,636,517

 
 
Nuclear Operations
 
488,259

 
 
 
564,327

 
 
 
502,922

 
 
 
505,659

 
 
 
2,061,167

 
 
Total
 
 
$
1,818,586

 
 
 
$
1,916,122

 
 
 
$
1,946,426

 
 
 
$
2,016,550

 
 
 
$
7,697,684

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
2,637,486

 
 
 
$
2,642,786

 
 
 
$
2,818,760

 
 
 
$
2,769,305

 
 
 
$
10,868,337

 
 
Nuclear Operations
 
488,259

 
 
 
564,327

 
 
 
502,922

 
 
 
505,659

 
 
 
2,061,167

 
 
Total
 
 
$
3,125,745

 
 
 
$
3,207,113

 
 
 
$
3,321,682

 
 
 
$
3,274,964

 
 
 
$
12,929,504

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
% of
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
 
 
 
Revenue
Engineering & Construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
90,818

 
6.8%
 
$
104,667

 
7.7%
 
$
107,411

 
7.4%
 
$
112,484

 
7.4%
 
$
415,380

 
7.4%
Nuclear Operations
 
45,600

 
 
 
71,800

 
 
 
(1,114,765
)
 
 
 
(293,336
)
 
 
 
(1,290,701
)
 
 
Total
 
 
$
136,418

 
7.5%
 
$
176,467

 
9.2%
 
$
(1,007,354
)
 
(51.8)%
 
$
(180,852
)
 
(9.0)%
 
$
(875,321
)
 
(11.4)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CB&I
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Nuclear Operations
 
$
201,198

 
7.6%
 
$
212,307

 
8.0%
 
$
224,803

 
8.0%
 
$
227,276

 
8.2%
 
$
865,584

 
8.0%
Nuclear Operations
 
45,600

 
 
 
71,800

 
 
 
(1,114,765
)
 
 
 
(293,336
)
 
 
 
(1,290,701
)
 
 
Total
 
 
$
246,798

 
7.9%
 
$
284,107

 
8.9%
 
$
(889,962
)
 
(26.8)%
 
$
(66,060
)
 
(2.0)%
 
$
(425,117
)
 
(3.3)%





Investors: Scott Lamb, +1 832 513 1068, Scott.Lamb@CBI.com
Media: Gentry Brann, +1 832 513 1031, Gentry.Brann@CBI.com

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