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CHICAGO BRIDGE & IRON CO N V

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2018 10-Q, filed Apr 24, 2018. Its latest SEC filing is a SC 13G/A from Jan 30, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Provides engineering and construction services, fabricated structures and piping, and process technology for energy infrastructure customers in energy, petrochemical and power industries.

How Did They Make Money?

Customers are billed under long-term contracts in advance, at project milestones or when services are provided; independent pipe, steel and catalyst products are billed when shipped.

FY2017 revenue

Who Were Their Customers?

Contracts directly with hundreds of customers in energy, petrochemical, natural-resource and power industries, through sales and engineering staff who work with customers’ engineering and contracting departments.

Did Revenues Turn Into Profits?

No. It lost $1.5B in FY2017.

Operating income, FY2017
−4% of revenue
▼ Now a loss vs FY2016 ($427.5M, 5%)
Net income, FY2017
−22% of revenue
▲ +366% (Loss) vs FY2016 (−$313.2M, −4%)
Free cash flow, FY2017
−14% of revenue
▼ Now a loss vs FY2016 ($602M, 7%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q1 FY2018, the three months to Mar 31, 2018
Revenue
▼ −4%
vs $1.8B in Q1 FY2017
Net income
▲ +78%
vs $24.7M in Q1 FY2017
  • May 11, 2018 CB&I combined with McDermott and sold its technology business The combination closed on May 10, 2018; McDermott subsidiaries acquired CB&I’s technology business for cash.

Shrank. Revenue fell 40% in 4 years, from $11.1B in FY2013 to $6.7B in FY2017, about 12% a year.

Maintenance services The earlier Engineering, Construction and Maintenance group included integrated maintenance; the latest report says the Capital Services business, which provided maintenance services, was sold.

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