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CB&I profit rises more than expected, backlog flat

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

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

But with just $2.5 billion of new orders in the third quarter, CB&I's backlog stood unchanged from three months before at $24.5 billion at the end of September, second only to Fluor Corp 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 a year ago. Revenue was up 107 percent to just shy of $3.0 billion, boosted by the acquisition of Shaw Group this year.

Adjusted earnings were $1.12 per share, 2 cents above what analysts expected, according to the average on Thomson Reuters I/B/E/S.

Prior to the results, CB&I shares were up 60 percent in 2013, or twice as much as Fluor shares. Buffett's Berkshire Hathaway Inc became CB&I's top shareholder this year when it bought a 6.1 percent stake. It increased that stake to 8.9 percent in the second quarter.