Chicago Bridge & Iron Co. (CBI) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Chicago Bridge & Iron Co. (NYSE:CBI) announced its quarterly earnings results on Wednesday. The company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by $0.04. The company earned $2.70 billion during the quarter, compared to analysts’ expectations of $2.82 billion. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.55 EPS. Chicago Bridge & Iron Co. updated its FY16 guidance to $4.70-5.00 EPS.

Shares of Chicago Bridge & Iron Co. (NYSE:CBI) traded down 0.17% during midday trading on Wednesday, hitting $35.55. 1,719,730 shares of the company’s stock traded hands. The firm’s market capitalization is $3.74 billion. The company has a 50 day moving average price of $36.42 and a 200 day moving average price of $36.35. Chicago Bridge & Iron Co. has a 1-year low of $31.30 and a 1-year high of $53.73.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Monday, June 20th were paid a $0.07 dividend. The ex-dividend date was Thursday, June 16th. This represents a $0.28 annualized dividend and a dividend yield of 0.79%.

A number of equities analysts have weighed in on CBI shares. Vetr raised shares of Chicago Bridge & Iron Co. from a “hold” rating to a “buy” rating and set a $40.20 price objective for the company in a research report on Monday. MKM Partners reissued a “buy” rating on shares of Chicago Bridge & Iron Co. in a research report on Sunday. Robert W. Baird reissued a “buy” rating on shares of Chicago Bridge & Iron Co. in a research report on Monday, April 18th. Johnson Rice raised shares of Chicago Bridge & Iron Co. from an “accumulate” rating to a “buy” rating and upped their price objective for the company from $55.00 to $60.00 in a research report on Monday, May 16th. Finally, Credit Suisse Group AG reissued a “buy” rating on shares of Chicago Bridge & Iron Co. in a research report on Saturday, June 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. Chicago Bridge & Iron Co. presently has a consensus rating of “Buy” and an average price target of $46.18.

In related news, EVP Beth A. Bailey sold 2,701 shares of Chicago Bridge & Iron Co. stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $38.00, for a total value of $102,638.00. Following the transaction, the executive vice president now owns 143,304 shares in the company, valued at approximately $5,445,552. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrick K. Mullen sold 11,985 shares of Chicago Bridge & Iron Co. stock in a transaction on Thursday, June 23rd. The stock was sold at an average price of $36.65, for a total transaction of $439,250.25. Following the completion of the transaction, the executive vice president now owns 105,222 shares in the company, valued at approximately $3,856,386.30. The disclosure for this sale can be found here.

Chicago Bridge & Iron Company N.V. (CB&I) provides a range of services to customers in the energy infrastructure market across the world. The Company provides various services, such as conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management and environmental services.