CB&I (NYSE: CBI) reported net income for the fourth quarter of $70.5 million, or $0.70 per diluted share, versus $63.2 million or $0.63 per diluted share in 2010. Revenue for the quarter was $1.3 billion, with new awards of $772.4 million.
'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.'
For the full-year, net income was $255.0 million, or $2.55 per diluted share. 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 on its global end markets across each of its business sectors. Noteworthy 2011 awards included a $2.3 billion contract in Australia for the Gorgon project, an Oil Sands contract for Kearl in Canada, a Gas Processing award in the U.S. for Dominion, an LNG storage project in the Asia Pacific region, an Offshore award for Nexen in the North Sea, a Refinery heater award in Russia, as well as various strategic Petrochemical and Refining technology licensing awards.
CB&I declared an interim dividend on common stock of $0.05 per share, payable March 30, 2012 to shareholders of record on March 16, 2012. As has been the company's practice, it will continue to opportunistically capture value for shareholders through its share repurchase program.
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