CB&I profit rises more than expected, backlog flat

Reuters

Oct 29 (Reuters) - Engineering company Chicago Bridge & IronCo NV posted a larger-than-expected rise in quarterlyprofit on Tuesday, though its backlog of projects remained flat.

Shares of CB&I fell 5 percent to below $70 in after-hourstrading. The stock has had an especially strong run thanks toinvestors' high hopes of it winning liquefied natural gas workand heavy buying of CB&I shares by Warren Buffett.

But with just $2.5 billion of new orders in the thirdquarter, CB&I's backlog stood unchanged from three months beforeat $24.5 billion at the end of September, second only to FluorCorp among U.S.-listed engineering companies.

Fluor reports its results on Thursday.

CB&I said third-quarter net income rose to $117.7 million,or $1.08 per share, from $80.2 million or 82 cents a share ayear ago. Revenue was up 107 percent to just shy of $3.0billion, boosted by the acquisition of Shaw Group this year.

Adjusted earnings were $1.12 per share, 2 cents above whatanalysts expected, according to the average on Thomson ReutersI/B/E/S.

Prior to the results, CB&I shares were up 60 percent in2013, or twice as much as Fluor shares. Buffett's BerkshireHathaway Inc became CB&I's top shareholder this yearwhen it bought a 6.1 percent stake. It increased that stake to8.9 percent in the second quarter.

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