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Trump Is Said to Consider Easing Nuclear Rules for Saudi Project
Trump Is Said to Consider Easing Nuclear Rules for Saudi Project
— zerohedge (@zerohedge) December 12, 2017
the filing seems to coincide with the over due deal to sell the Technology division.
The 12/7 filing is important imo
Chicago Bridge & Iron Company N.V. (the “Company” or “CB&I”) has requested, and the Administrative Agent for our credit facilities and Noteholders have agreed to, an extension of time from the previously disclosed milestone of December 8, 2017 to December 18, 2017 to complete the evaluation and negotiation of a transaction.
Specifically, on December 6, 2017 the Company, entered into certain amendments (the “Amendments”) and an extension letter (the “Extension Letter”) with respect to the following debt arrangements and instruments:
•
the Note Purchase and Guarantee Agreement, dated December 27, 2012, by and among Chicago Bridge & Iron (Delaware) (together with the Company, the “Obligors”), the Company and the purchasers party thereto (the “2012 NPA”) with respect to the Company’s (i) 7.15% Senior Notes, Series A, due 2017, (ii) 7.57% Senior Notes, Series B, due 2019, (iii) 8.15% Senior Notes, Series C, due 2022 and (iv) 8.30% Senior Notes, Series D, due 2024 (collectively, the “2012 Notes”);
•
the Note Purchase and Guarantee Agreement, dated as of July 22, 2015, by and among Chicago Bridge & Iron (Delaware), the Company and the purchasers party thereto (the “2015 NPA” and, together with the 2012 NPA, the “NPA’s”) with respect to the Company’s 7.53% Senior Notes due 2025 (the “2015 Notes” and, together with the 2012 Notes, the “Notes”);
•
the Company’s five-year, $1.15 billion committed revolving credit facility (the “Revolving Facility”), with Bank of America N.A. (“BofA”), as administrative agent, and BNP Paribas Securities Corp, BBVA Compass, Crédit Agricole Corporate and Investment Bank (“Crédit Agricole”) and TD Securities, each as syndication agents;
•
the Company’s five-year, $800 million committed revolving credit facility (the “Second Revolving Facility”), with BofA, as administrative agent, and BNP Paribas Securities Corp., BBVA Compass, Crédit Agricole and Bank of Tokyo Mitsubishi UFJ, each as syndication agents; and
•
the Company’s five-year, $500 million term loan (the “Second Term Loan” and collectively, with the Revolving Facility and the Second Revolving Facility, the “Bank Facilities” and collectively, with the Notes, the “Senior Facilities”), with BofA as administrative agent.
The foregoing description of the Amendments does not purport to be complete and is qualified in its entirety by reference to the complete text of: (i) Ninth Amendment to the 2012 NPA, dated as of December 6, 2017, filed as Exhibit 10.1 hereto; (ii) the Seventh Amendment to the 2015 NPA, dated as of December 6, 2017, filed as Exhibit 10.2 hereto; (iii) that certain letter agreement from Bank of America N.A. as Administrative Agent, dated December 6, 2017, to the Bank Facilities, filed as Exhibit 10.3 hereto; each of which is incorporated by reference herein.
Who knows, True. It leveled off for two months after that nice climb. Maybe it's going to continue now if $18 has proven support.
But WDIK?
Howcumsey the share price is up there? Gimme!!!
Trueheart
Yeah, she's breaking above the $17 mark that it so nicely ran to three months ago before stalling out.
You don't recall this post? (-:
Moi?
Hmmm, must have been the other, more wealthy twin Trueheart.
Howsomeever, she be shooting up.
Trueheart
I don't know. YOU said it, not me. (-:
Is "just cause" a market term?
Trueheart
Yeah, you know.... just 'cause?
Now watch is shoot up to $17 just 'cause.
Or to $10?
Trueheart
You'll feel better, I'm sure, if you were to look at the 6 month charts for them all. Or, you could go back even further. LOL
What the hell? My FANG stocks are getting slaughtered and CBI is gaining? Truly, there is no justice.
Trueheart
Or to $10.
For the same reason. (-:
Wowzer dowzer, Slo.
Now watch is shoot up to $17 just 'cause.
Trueheart
Yeh, I am still licking my chops.
Wow what a buy that was.
If and when they annunce
The sale of their technology
Division, The shorts will lose
Their A@@@ BIG TIME
AND I WILL BE THERE TO COLLECT.
GLTY
You'll have to ask The Wiz. I don't know CBI anymore. But if it does, I'll be ready this time.
Yeh sure hope not, but on another note,
Do you think that we will get close or hit
Single digits again?
What a buy that was, Made enough to fund
The next 3 Christmas.LOL
Not much gets by me. LOL
I don't think you care all that much for morons, Sandra.
Am I right? (-;
24 percent short here!!!!
One Moron Analyst has a pps target of $15.00
What a Moron.
Where do they find these morons!!!
Calling this Moron a Moron is actually a compliment. LOL
I expect it will continue to be for awhile, too, until the big boys are more comfortable with how the company will be doing in the years ahead.
Geez, this is a roller coaster.
Trueheart
Time to bid low and bid big.
It could hit single digits before the year's out. Who knows.
The situation could be market makers having a field day.
The losses, the continuing difficulty containing construction costs and the plunge in the amount of new projects belie managements' previous assertions that it would work to correct these deficiencies.
Trueheart
Apparently, not many tuned into the CC yesterday AHs and only just this morning bothered to listen to the recording?
Just gives me more time to accumulate at better prices. LOLOL
Apparently not, Slo, but surely this is the damnedest thing, the rise and sudden fall.
Trueheart
And there she went. $15.
Ain't that the damndest thing?!
Maybe the market's decided that this is the floor.
It would have been great to buy at the fifteen and to have sold at the seventeen. Ahhhh, dreams.
Can't wait to see it open.
Trueheart
Wild and whacky gyrations that you would only expect from the OTC.
That's what's fun and irritating about share prices at times.
I don't see anything that's positive and yet the share price is at $17 or is it $16 or is it $15 and then back to $17?
Trueheart
Oh, they missed forecasts by quite a bit, which is why I'm surprised by the comeback in the sp after hours.
The share price is all over the place in reaction to a less than mediocre report (in my estimation).
There will be no dividend for some time.
Trueheart
AH trading today is very odd. Don't you think?
CBI at $16.66 at 2:25 PM EST.
Trueheart
CB&I Announces Third Quarter 2017 Results
THE WOODLANDS, Texas, Oct. 30, 2017 /PRNewswire/ -- CB&I (NYSE:CBI) today announced financial results for the third quarter of 2017.
CB&I reported net income of $10 million, or $0.10 per diluted share, in the third quarter of 2017, compared to net income of $121.8 million, or $1.20 per diluted share, in the third quarter of 2016.
Net income for the third quarter of 2017 was impacted by restructuring charges of $27 million, or $0.17 per share, related to the company's cost reduction program, and excess interest expense of $22 million, or $0.14 per share, due to accelerated amortization of debt issuance costs.
Continuing operations consist of CB&I's Engineering & Construction (E&C) and Fabrication Services businesses. The results of the company's Technology and former Engineered Products and Capital Services operations have been classified as discontinued operations for all periods presented.
"We have made significant progress on the decisive actions we announced last quarter, including our cost reduction program, the continued improvement of our project execution and risk management processes, and the intended sale of our Technology operations," said Patrick K. Mullen, President and Chief Executive Officer of CB&I. "Our cost reduction program is on track, with a positive impact on our financial performance already apparent. We are also extremely pleased with the sale process for our Technology operations and the interest from bidders on developing a long-term strategic alliance with CB&I.
"Our results this quarter were impacted by unusual items totaling $49 million, or $0.31 per share. We experienced continued cost pressure during the quarter, primarily on the IPL and Calpine power projects, with execution on our other projects continuing as planned. New awards were lower than expected, primarily within E&C, due to the delay of certain key projects. However, we have a significant pipeline and anticipate a strong fourth quarter and first half of 2018 for new awards."
Continuing Operations
Revenue for the third quarter of 2017 was $1.7 billion, compared to revenue of $2.1 billion in the third quarter of 2016.
New awards in the third quarter of 2017 totaled $437 million, compared to $1.7 billion in the third quarter of last year. Backlog at September 30, 2017, was $10.7 billion, compared to backlog of $13.2 billion at September 30, 2016.
Engineering & Construction Operating Group
E&C operating group revenue was $1.3 billion in the third quarter of 2017, compared to $1.7 billion in the year-ago quarter. The E&C group reported operating income of $13.1 million, compared to $126.8 million in the third quarter of 2016. Results were impacted by changes in estimated margins on two U.S. gas turbine power projects of $38 million and additional costs on U.S. LNG projects of approximately $16 million due in part to the direct effects of Hurricane Harvey. The E&C group's new awards in the third quarter totaled $65.2 million, compared with $1.5 billion in the third quarter of 2016, and backlog as of September 30, 2017, was $9.2 billion.
Fabrication Services Operating Group
Fabrication Services operating group revenue was $389.7 million compared to $467.0 million in the year-ago quarter. The Fabrication Services group reported operating income of $26.1 million compared to $27.8 million in the third quarter of 2016. The Fabrication Services group's new awards in the third quarter were $371.8 million, compared with $215.3 million in the third quarter of 2016. Backlog as of September 30, 2017, was $1.5 billion.
Discontinued Operations
The Technology operations revenue was $170.1 million, compared to $183.3 million in the year-ago quarter. Technology operations reported operating income of $61.2 million compared to $55.9 million in the third quarter of 2016.
Guidance
The company currently expects revenue for the fourth quarter of 2017 to be between $1.8 and $2.0 billion and diluted earnings per share in the range of $0.50 to $0.60. The company's updated guidance for the fourth quarter of 2017 includes continuing and discontinued operations but excludes the continuation of incremental interest expense and any additional restructuring charge that may be required. Guidance also excludes any significant benefits from the cost reduction program, which are expected to be fully realized in 2018.
Earnings Conference Call
CB&I will host a conference call and webcast October 30, 2017, at 4:00 p.m. CDT (5:00 p.m. EDT) 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, and the conference call can be accessed by telephone at 1-800-301-8321 (U.S.) or 1-706-634-2259 (outside the U.S.) with conference ID # 6097289.
We shall see, we shall see.
Trueheart
She's through with dips, True. Nothing but pops from here on out.
I thought you'd say something like that.
I've had my 50% gain and may get back in if the share price takes a big dip. Perhaps.
Trueheart
You better get back in, then.
According to my guide Cramer, there is a huge shift in the market toward materials and construction.
Could be the driver here.
Trueheart
She's got a long way to go, True.
Dang, you're arching into the sky on full thrusters. Nice day.
Trueheart
Riding the Dow's coattails. And oils prices are up, of course. (-:
Hopefully, good news comes during the CC. Sure would like to see it break above $20 and base from there.
This is a nice day in the trenches so far for Chicago Bridge & Iron.
Trueheart
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CB&I (NYSE: CBI) is the most complete energy infrastructure focused company in the world and a major provider of government services. With 125 years of experience and the expertise of approximately 55,000 employees, CB&I provides reliable solutions while maintaining a relentless focus on safety and an uncompromising standard of quality.
As one of the most complete providers of a wide range of services including design, engineering, construction, fabrication, maintenance and environmental services, no project is too big for CB&I. Our timely and cost-effective solutions not only satisfy our customers’ needs, but also improve the quality of life for people around the world.
Philip K. Asherman is President and Chief Executive Officer of CB&I.
Mr. Asherman has more than 30 years of experience in the engineering and construction industry. He began his career in 1979, serving in a variety of project operations, business development and senior management positions, including a number of regional executive positions in Europe, South America and Asia. In 2001, he joined CB&I as a senior executive in Amsterdam and was promoted to Executive Vice President that same year, reporting directly to the Chairman and CEO. Mr. Asherman was elected to his current position by the board of directors in February 2006 and was elected to the Supervisory Board of Directors in July 2006. He is a member of the Board of Overseers for The Fletcher School of Law and Diplomacy at Tufts University and serves as an advisor for the university's Center for Emerging Market Enterprises. He is also a member of the American Petroleum Institute and the National Petroleum Council. Mr. Asherman also serves as an independent director for the board of Arrow Electronics.
Following active duty in the United States Air Force from 1970 -1974, Mr. Asherman graduated with a bachelor's degree from the University of South Florida. He earned a master's degree from the Fletcher School at Tufts University, and has completed advanced management programs at INSEAD in Fontainebleau, France, and the American Graduate School of International Management at the Thunderbird in
Phoenix, Arizona.
Ronald A. Ballschmiede is Executive Vice President and Chief Financial Officer of CB&I. He was named to this position in June 2006.
Mr. Ballschmiede has 30 years of Big 4 accounting firm experience with global manufacturing and construction firms. Prior to joining CB&I, he was with Deloitte & Touche LLP, joining the firm as a partner in 2002. Previously, he had been with Arthur Andersen since 1977, becoming a partner in 1989. While with Andersen, Ballschmiede was the lead client service partner for CB&I from 1989 to 2002.
He holds a bachelor's degree in accounting from Northern Illinois University and is a Certified Public Accountant.
Primary IR Contact
Christi Thoms
Senior Vice President, Corporate Planning
Tel: 1-832-513-1200
investor-relations@cbi.com
New York Stock Transfer Agent:
Computershare
P.O. Box 43006
Providence, RI 02940-3006
Tel: 1-866-230-3613 USA
Tel: 1-201-680-6685
shrrelations@mellon.com
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