Construction company Chicago Bridge & Iron Co N.V. (CBI) or CB&I , Tuesday announced second-quarter financial results, reporting a profit, compared to loss in the same quarter a year ago, primarily due to an improvement in gross margin. Quarterly revenues, however, declined from the same quarter last year but came in ahead of analysts estimate. In after hours trade, the stock dropped 5.29% on the New York Stock Exchange, following the annoucnement of results.
Hague, the Netherlands-based CB&I's net income for the second quarter was $45.040 million , compared to a loss of $138.718 million in the same quarter a year ago.
Quarterly net income attributable to the company was $43.4 million or $0.45 per share, compared to a loss of $140.5 million or $1.47 per share in the comparable quarter a year ago.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimate typically excludes special items such as one-time charges or gains.
Income from operations for the second quarter was $82.314 million, compared to loss from operations of $199.758 million in the comparable quarter a year ago as gross margin for the quarter improved to 11% from a negative 11% in the same quarter a year ago.
Equity loss for the second quarter narrowed to $11.998 million from $16.313 million in the same quarter a year ago.
Income tax expenses for the second quarter, however, was $32.061 million, compared to an income tax gain of $63.494 million in the same quarter a year ago.
Revenue for the second quarter declined to $1.2 billion from $1.4 billion in the same quarter last year, below the Street's estimate of $1.15 billion, hurt by decreases in segmental revenues.
Revenues from its steel pant segment declined to $457.766 million from $508.869 million in the same quarter a year ago, while revenues from Lummus segment plunged to $671.214 million from $791.120 million in the same quarter a year ago. Revenues from Lummus technology also decreased to $83.177 million from $128.472 million in the same quarter last year.
For the period of six months net income was $95.105 million, compared to a loss of $94.797 million in the same period a year ago.
Net income attributable to the company for the period was $92.236 million or $0.96 per share, compared to a loss of $98.281 million or $1.02 per share in the comparable period a year ago.
Revenues for the period declined to $2.508 billion from $2.867 billion in the same period last year.
CBI closed Tuesday's trading at $13.79, up $0.22 or 1.62%, on a volume of 1.714 million shares. In the after hours, the stock lost $0.73 or 5.29% to trade at $13.06 on the NYSE.
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