THE WOODLANDS, Texas,
Feb. 24, 2015 /PRNewswire/
-- CB&I (NYSE: CBI) today reported financial results for
the fourth quarter and full-year 2014. Adjusted net income for 2014
was $568.7 million, or $5.21 per diluted share, excluding integration
related costs of $25.1 million net of
tax, or $0.23 per diluted share. For
the year, GAAP net income was $543.6
million, or $4.98 per diluted
share. CB&I's consolidated 2014 revenue was $13.0 billion, up from $11.1 billion, a 17 percent increase from the
prior year. New awards for the year totaled $16.3 billion, which resulted in a backlog of
$30.4 billion.
For the fourth quarter, CB&I's adjusted net income was
$161.3 million, or $1.47 per diluted share, excluding acquisition
and integration related costs of $10.9
million net of tax, or $0.10
per diluted share. GAAP net income for the quarter was $150.4 million, or $1.37 per diluted share. Revenue for the fourth
quarter was $3.4 billion with new
awards of $3.3 billion. Cash from
operating activities for the fourth quarter was $613.3 million, resulting in $264.0 million for the year.
"We are pleased to deliver another year of strong safety,
operational and financial performance. Our new awards and backlog
are at record levels, and our prospect list for 2015 supports our
outlook for sustained earnings growth," said Philip K. Asherman, CB&I's President and
Chief Executive Officer. "Despite the uncertainty generated by
lower oil prices, our customers continue to rely on us to deliver
solutions for their major capital projects. Over the last two years
we made great progress in reducing costs and generating
efficiencies across the organization, and believe our cost
discipline coupled with the benefits of our diversified integrated
offerings will allow us to maintain our performance and provide
solid returns for our shareholders."
New awards of $16.3 billion for
the year highlight the breadth and reach of our offerings across
our end markets. Awards included strong bookings in the United States such as the engineering and
construction of a three train LNG export terminal; two combined
cycle gas turbine power projects; an ammonia storage tank; pipe
fabrication for a propane dehydrogenation unit; nuclear and
petrochemical facility maintenance work; as well as various
decommissioning and decontamination, environmental remediation and
government services awards. Globally, we booked noteworthy awards
for engineering and procurement for a clean fuels project;
structural, mechanical and piping construction for an LNG project;
construction of petroleum storage tanks; licensing for a grassroots
ethylene plant; engineered products for refining, petrochemicals
and gas processing facilities; strategic technology licenses;
and numerous additional steel plate storage and fabrication
awards.
Commenting on CB&I's outlook for 2015, Mr. Asherman stated,
"We project less than 5 percent of our revenue from new bookings
could be affected by timing risks associated with lower oil prices.
Accordingly, we think it is prudent to marginally adjust our
guidance to revenue of $14.4 billion - $15.2
billion and earnings per share of $5.55 - $6.05."
Earnings Conference Call
CB&I will host a webcast on Feb.
24 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 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 54,000 employees, CB&I provides reliable
solutions 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, 2014, 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.
|
Chicago Bridge
& Iron Company N.V.
|
|
Consolidated
Statements of Operations
|
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Twelve
Months
|
|
|
Ended December
31,
|
|
Ended December
31,
|
|
|
2014
|
|
|
|
2013
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
3,371,686
|
|
|
|
|
$
|
3,000,257
|
|
|
$
|
12,974,930
|
|
|
|
|
$
|
11,094,527
|
|
|
Cost of
revenue
|
|
2,981,048
|
|
|
|
|
2,661,051
|
|
|
11,508,521
|
|
|
|
|
9,895,517
|
|
|
Gross
profit
|
|
390,638
|
|
|
|
|
339,206
|
|
|
1,466,409
|
|
|
|
|
1,199,010
|
|
|
% of
Revenue
|
|
11.6
|
%
|
|
|
|
11.3
|
%
|
|
11.3
|
%
|
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expense
|
|
95,425
|
|
|
|
|
98,921
|
|
|
405,208
|
|
|
|
|
379,485
|
|
|
% of
Revenue
|
|
2.8
|
%
|
|
|
|
3.3
|
%
|
|
3.1
|
%
|
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangibles
amortization
|
|
16,661
|
|
|
|
|
18,429
|
|
|
66,506
|
|
|
|
|
61,111
|
|
|
Equity
earnings
|
|
(11,222)
|
|
|
|
|
(7,337)
|
|
|
(25,225)
|
|
|
|
|
(23,474)
|
|
|
Other operating
(income) expense, net
|
|
(1,596)
|
|
|
|
|
(493)
|
|
|
(2,373)
|
|
|
|
|
1,643
|
|
|
Acquisition and
integration related costs
|
|
17,518
|
|
|
|
|
19,260
|
|
|
39,685
|
|
|
|
|
95,737
|
|
|
Income from
operations
|
|
273,852
|
|
|
|
|
210,426
|
|
|
982,608
|
|
|
|
|
684,508
|
|
|
% of
Revenue
|
|
8.1
|
%
|
|
|
|
7.0
|
%
|
|
7.6
|
%
|
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(21,691)
|
|
|
|
|
(21,506)
|
|
|
(83,590)
|
|
|
|
|
(87,578)
|
|
|
Interest
income
|
|
2,403
|
|
|
|
|
1,721
|
|
|
8,524
|
|
|
|
|
6,930
|
|
|
Income before
taxes
|
|
254,564
|
|
|
|
|
190,641
|
|
|
907,542
|
|
|
|
|
603,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (expense)
benefit
|
|
(72,141)
|
|
|
|
|
26,414
|
|
|
(271,417)
|
|
|
|
|
(91,270)
|
|
|
Net income
|
|
182,423
|
|
|
|
|
217,055
|
|
|
636,125
|
|
|
|
|
512,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(32,013)
|
|
|
|
|
(20,274)
|
|
|
(92,518)
|
|
|
|
|
(58,470)
|
|
|
Net income
attributable to CB&I
|
|
$
|
150,410
|
|
|
|
|
$
|
196,781
|
|
|
$
|
543,607
|
|
|
|
|
$
|
454,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CB&I per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.39
|
|
|
|
|
$
|
1.83
|
|
|
$
|
5.03
|
|
|
|
|
$
|
4.29
|
|
|
Diluted
|
|
$
|
1.37
|
|
|
|
|
$
|
1.80
|
|
|
$
|
4.98
|
|
|
|
|
$
|
4.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
108,207
|
|
|
|
|
107,527
|
|
|
108,047
|
|
|
|
|
105,935
|
|
|
Diluted
|
|
109,466
|
|
|
|
|
109,168
|
|
|
109,122
|
|
|
|
|
107,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends on
shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount
|
|
$
|
7,546
|
|
|
|
|
$
|
5,375
|
|
|
$
|
30,246
|
|
|
|
|
$
|
21,453
|
|
|
Per share
|
|
$
|
0.07
|
|
|
|
|
$
|
0.05
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Supplemental Information
|
|
(amounts adjusted
to exclude Shaw acquisition and integration related costs)
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income from
operations
|
|
$
|
291,370
|
|
|
|
|
$
|
229,686
|
|
|
$
|
1,022,293
|
|
|
|
|
$
|
780,245
|
|
|
Adjusted % of
Revenue
|
|
8.6
|
%
|
|
|
|
7.7
|
%
|
|
7.9
|
%
|
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to CB&I
|
|
$
|
161,270
|
|
|
|
|
$
|
208,915
|
|
|
$
|
568,695
|
|
|
|
|
$
|
527,436
|
|
|
Adjusted net income
attributable to CB&I per share (diluted)
|
|
$
|
1.47
|
|
|
|
|
$
|
1.91
|
|
|
$
|
5.21
|
|
|
|
|
$
|
4.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The exclusion of Shaw
acquisition and integration related costs is a non-GAAP financial
measure, which we believe provides users a better indication of our
operating performance. See Reconciliation of Non-GAAP Supplemental
Information table.
|
|
Chicago Bridge
& Iron Company N.V.
|
|
Segment
Information
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
NEW AWARDS
(1)
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
Engineering,
Construction and Maintenance (2)
|
|
$
|
2,430,030
|
|
|
74%
|
|
$
|
4,035,993
|
|
|
76%
|
|
$
|
12,322,827
|
|
|
76%
|
|
$
|
8,131,206
|
|
|
66%
|
|
Fabrication
Services
|
|
455,720
|
|
|
14%
|
|
799,681
|
|
|
15%
|
|
1,816,021
|
|
|
11%
|
|
2,681,886
|
|
|
22%
|
|
Technology
|
|
176,435
|
|
|
5%
|
|
233,784
|
|
|
5%
|
|
993,569
|
|
|
6%
|
|
633,690
|
|
|
5%
|
|
Environmental
Solutions (2)
|
|
226,517
|
|
|
7%
|
|
225,590
|
|
|
4%
|
|
1,132,856
|
|
|
7%
|
|
806,188
|
|
|
7%
|
|
Total
|
|
$
|
3,288,702
|
|
|
|
|
$
|
5,295,048
|
|
|
|
|
$
|
16,265,273
|
|
|
|
|
$
|
12,252,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
REVENUE
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
|
|
|
Total
|
|
Engineering,
Construction and Maintenance (2)
|
|
$
|
2,372,085
|
|
|
70%
|
|
$
|
1,961,360
|
|
|
66%
|
|
$
|
9,001,982
|
|
|
69%
|
|
$
|
7,165,739
|
|
|
65%
|
|
Fabrication
Services
|
|
618,532
|
|
|
18%
|
|
698,052
|
|
|
23%
|
|
2,521,594
|
|
|
19%
|
|
2,575,597
|
|
|
23%
|
|
Technology
|
|
157,984
|
|
|
5%
|
|
130,472
|
|
|
4%
|
|
602,513
|
|
|
5%
|
|
599,195
|
|
|
5%
|
|
Environmental
Solutions (2)
|
|
223,085
|
|
|
7%
|
|
210,373
|
|
|
7%
|
|
848,841
|
|
|
7%
|
|
753,996
|
|
|
7%
|
|
Total
|
|
$
|
3,371,686
|
|
|
|
|
$
|
3,000,257
|
|
|
|
|
$
|
12,974,930
|
|
|
|
|
$
|
11,094,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
|
|
|
%
of
|
|
INCOME FROM
OPERATIONS
|
|
|
|
|
Revenue
|
|
|
|
|
Revenue
|
|
|
|
|
Revenue
|
|
|
|
|
Revenue
|
|
Engineering,
Construction and Maintenance (2)
|
|
$
|
163,152
|
|
|
6.9%
|
|
$
|
110,885
|
|
|
5.7%
|
|
$
|
560,563
|
|
|
6.2%
|
|
$
|
350,525
|
|
|
4.9%
|
|
Fabrication
Services
|
|
66,179
|
|
|
10.7%
|
|
75,647
|
|
|
10.8%
|
|
234,884
|
|
|
9.3%
|
|
259,750
|
|
|
10.1%
|
|
Technology
|
|
52,494
|
|
|
33.2%
|
|
40,125
|
|
|
30.8%
|
|
187,385
|
|
|
31.1%
|
|
156,835
|
|
|
26.2%
|
|
Environmental
Solutions (2)
|
|
9,545
|
|
|
4.3%
|
|
3,029
|
|
|
1.4%
|
|
39,461
|
|
|
4.6%
|
|
13,135
|
|
|
1.7%
|
|
Total operating
groups
|
|
$
|
291,370
|
|
|
8.6%
|
|
$
|
229,686
|
|
|
7.7%
|
|
$
|
1,022,293
|
|
|
7.9%
|
|
$
|
780,245
|
|
|
7.0%
|
|
Acquisition and
integration related costs
|
|
(17,518)
|
|
|
|
|
(19,260)
|
|
|
|
|
(39,685)
|
|
|
|
|
(95,737)
|
|
|
|
|
Total
|
|
$
|
273,852
|
|
|
8.1%
|
|
$
|
210,426
|
|
|
7.0%
|
|
$
|
982,608
|
|
|
7.6%
|
|
$
|
684,508
|
|
|
6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
New awards represents
the value of new project commitments received by the Company during
a given period, as well as scope growth on existing
commitments.
|
|
|
|
(2)
|
The 2013 results for
a large engineering, procurement and construction project in the
U.S. that was previously reported within our Environmental
Solutions operating group were reclassified to our Engineering,
Construction and Maintenance operating group to conform to its
classification in 2014, reflecting the present management oversight
for the project.
|
|
|
|
Chicago Bridge
& Iron Company N.V.
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
$
|
3,530,459
|
|
|
$
|
3,389,565
|
|
|
Equity
investments
|
|
107,984
|
|
|
101,754
|
|
|
Property and
equipment, net
|
|
771,651
|
|
|
788,797
|
|
|
Goodwill and other
intangibles, net
|
|
4,751,685
|
|
|
4,854,191
|
|
|
Other non-current
assets
|
|
219,252
|
|
|
255,286
|
|
|
Total
assets
|
|
$
|
9,381,031
|
|
|
$
|
9,389,593
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of
long-term debt and other borrowings
|
|
$
|
270,738
|
|
|
$
|
215,000
|
|
|
Other current
liabilities
|
|
4,051,492
|
|
|
4,582,624
|
|
|
Long-term
debt
|
|
1,564,158
|
|
|
1,625,000
|
|
|
Other non-current
liabilities
|
|
618,340
|
|
|
459,531
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
2,876,303
|
|
|
2,507,438
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
9,381,031
|
|
|
$
|
9,389,593
|
|
|
|
|
Chicago Bridge
& Iron Company N.V.
|
|
Condensed
Consolidated Statements of Cash Flows and Other Financial
Data
|
|
(in
thousands)
|
|
|
|
|
|
Twelve
Months
|
|
|
Ended December
31,
|
|
|
2014
|
|
|
2013
|
|
|
CASH
FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
$
|
264,047
|
|
|
$
|
(112,836)
|
|
|
Cash flows from
investing activities
|
|
(182,277)
|
|
|
(1,825,309)
|
|
|
Cash flows from
financing activities
|
|
(75,523)
|
|
|
1,732,812
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(75,426)
|
|
|
(17,560)
|
|
|
Decrease in cash and
cash equivalents
|
|
(69,179)
|
|
|
(222,893)
|
|
|
Cash and cash
equivalents, beginning of the year
|
|
420,502
|
|
|
643,395
|
|
|
Cash and cash
equivalents, end of the year
|
|
$
|
351,323
|
|
|
$
|
420,502
|
|
|
|
|
|
|
|
|
|
OTHER FINANCIAL
DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase)
in receivables, net
|
|
$
|
78,881
|
|
|
$
|
(154,143)
|
|
|
Change in contracts
in progress, net
|
|
(942,689)
|
|
|
(619,336)
|
|
|
Decrease in
inventory
|
|
16,832
|
|
|
1,504
|
|
|
Increase (decrease)
in accounts payable
|
|
99,376
|
|
|
(43,491)
|
|
|
Change in contract
capital
|
|
$
|
(747,600)
|
|
|
$
|
(815,466)
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
$
|
181,398
|
|
|
$
|
180,026
|
|
|
Capital
expenditures
|
|
$
|
117,624
|
|
|
$
|
90,492
|
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
December 31,
2013
|
|
Backlog
(1)
|
|
$
|
30,363,269
|
|
|
$
|
27,794,212
|
|
|
|
|
|
|
|
|
|
|
(1)
|
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.
|
|
Reconciliation of
Non-GAAP Supplemental Information
|
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Twelve
Months
|
|
|
Ended December
31,
|
|
Ended December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income
from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
$
|
273,852
|
|
|
$
|
210,426
|
|
|
$
|
982,608
|
|
|
$
|
684,508
|
|
|
Acquisition and
integration related costs
|
|
17,518
|
|
|
19,260
|
|
|
39,685
|
|
|
95,737
|
|
|
Adjusted income from
operations
|
|
$
|
291,370
|
|
|
$
|
229,686
|
|
|
$
|
1,022,293
|
|
|
$
|
780,245
|
|
|
Adjusted % of
Revenue
|
|
8.6
|
%
|
|
7.7
|
%
|
|
7.9
|
%
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income attributable to CB&I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CB&I
|
|
$
|
150,410
|
|
|
$
|
196,781
|
|
|
$
|
543,607
|
|
|
$
|
454,120
|
|
|
Acquisition and
integration related costs, net of tax (1)
|
|
10,860
|
|
|
12,134
|
|
|
25,088
|
|
|
73,316
|
|
|
Adjusted net income
attributable to CB&I
|
|
$
|
161,270
|
|
|
$
|
208,915
|
|
|
$
|
568,695
|
|
|
$
|
527,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income attributable to CB&I per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to CB&I
|
|
$
|
1.37
|
|
|
$
|
1.80
|
|
|
$
|
4.98
|
|
|
$
|
4.23
|
|
|
Acquisition and
integration related costs, net of tax (1)
|
|
0.10
|
|
|
0.11
|
|
|
0.23
|
|
|
0.68
|
|
|
Adjusted net income
attributable to CB&I
|
|
$
|
1.47
|
|
|
$
|
1.91
|
|
|
$
|
5.21
|
|
|
$
|
4.91
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The three and twelve
month periods ended December 31, 2014 include $17,518 and $39,685,
respectively, of integration related costs, less the tax impact of
$6,658 and $14,597, respectively. The per share amounts for the
three and twelve month periods are based upon diluted weighted
average shares of 109,466 and 109,122, respectively.
|
|
|
|
The three and twelve
month periods ended December 31, 2013 include $19,260 and $95,737,
respectively, of acquisition and integration related costs, and the
twelve month period ended December 31, 2013 includes $10,517 of
acquisition related pre-closing financing costs and one-time
financial commitments (both included in interest expense and
recorded in Q1 2013). These costs total $19,260 and $106,254, less
the tax impact of $7,126 and $32,938, respectively. The per share
amounts for the three and twelve month periods are based upon
diluted weighted average shares of 109,168 and 107,452,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE CB&I