Investing.com - Chicago Bridge & Iron Company NV (NYSE:CBI) recorded a massive loss in the second quarter as revenue plunged 40% year-over-year.
The company's second quarter revenue was $702 million, significantly lower than the $1.5 billion in the year-over-year quarter as the company pulled in lower revenue from three of its LNG projects. The company lost $3.02 per share in the quarter whereas analysts forecast earnings of 83 cents per share.
The company announced some business adjustments to follow-up this massive loss. It will suspend its dividend and is pursuing the sale of its technology business.
Shares were down over 20% in the after hours session at $12.95. They could open Thursday's session at a 52 week low with the after hours loss taking the share value close to its lowest trading price of the year, which is $12.91.