Chicago Bridge & Iron 8-K CB&I Reports First Quarter 2010 Results

Exhibit 99.1

CB&I Reports First Quarter 2010 Results

THE WOODLANDS, Texas--(BUSINESS WIRE)--April 27, 2010--CB&I (NYSE:CBI) today reported net income of $42.2 million, or $0.42 per diluted share, for the first quarter of 2010. Revenue for the quarter was $869.3 million. New awards totaled $560.2 million for the quarter, representing a diverse portfolio in terms of size, project type and location. As of March 31, CB&I’s total backlog was $6.9 billion and cash and cash equivalents totaled $336.8 million.

“We are pleased with first quarter results, particularly with our backlog performance, project mix, and strong margins,” said Philip K. Asherman, President and CEO. “Beyond our financials, we are also proud to have completed several major projects during the quarter including the Shell ethylene cracker in Singapore and the South Hook LNG terminal for ExxonMobil and Qatar Petroleum. CB&I’s future success is directly tied to the satisfaction of our clients and our reputation in the market. I’d like to personally thank all of our employees for their hard work and dedication in ensuring the successful start-up of these projects.”

Earnings Conference Call

CB&I will host a webcast at 4:00 p.m. CST (5:00 p.m. EST) April 27 to discuss financial and operating results, and answer questions from investors. The webcast is available at www.CBI.com Investor Relations/Company Highlights.

About CB&I

CB&I designs, engineers and constructs some of the world’s largest energy infrastructure projects, providing a full spectrum of EPC solutions and proven process technologies. Drawing upon more than a century of experience and the expertise of approximately 16,000 employees worldwide, CB&I safely and reliably executes more than 600 projects a year through its three business sectors: CB&I Lummus builds upstream and downstream oil & gas projects, LNG liquefaction and regasification terminals, and a wide range of other energy related projects; CB&I Steel Plate Structures designs, fabricates and constructs storage tanks and containment vessels and their associated systems for the oil & gas, water & wastewater, mining and nuclear industries; Lummus Technology capitalizes on more than 1,500 patents and patent applications to provide process technologies, catalysts and specialty equipment for petrochemical facilities, oil refineries and gas processing plants. For more information, visit www.CBI.com. If you would like to be added to CB&I’s news release email distribution list, visit www.cbi.com/ir/news.htm.

Forward-Looking Statement

This release contains forward-looking statements regarding CB&I and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. When considering any statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as “achieve”, “forecast”, “plan”, “propose”, “strategy”, “envision”, “hope”, “will”, “continue”, “potential”, “expect”, “believe”, “anticipate”, “project”, “estimate”, “predict”, “intend”, “should”, “could”, “may”, “might”, or similar forward-looking statements, we refer you to the cautionary statements concerning risk factors and “Forward-Looking Statements” described under “Risk Factors” in Item 1A of our Annual Report filed on Form 10-K filed with the SEC for the year ended December 31, 2009, and any updates to those risk factors or “Forward-Looking Statements” included in our subsequent Quarterly Reports on Form 10-Q filed with the SEC, which cautionary statements are incorporated herein by reference.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)
	Three Months
	Ended March 31,
	2010			2009
Revenue	$	869,324		$	1,295,932
Cost of revenue		747,043			1,151,775
Gross profit		122,281			144,157
% of Revenue		14.1	%		11.1	%
Selling and administrative expenses		51,248			59,231
% of Revenue		5.9	%		4.6	%
Intangibles amortization		5,948			5,607
Other operating expense, net		73			5,902
Equity earnings		(3,509	)		(6,926	)
Income from operations		68,521			80,343
% of Revenue		7.9	%		6.2	%
Interest expense		(3,720	)		(5,546	)
Interest income		1,236			448
Income before taxes		66,037			75,245
Income tax expense		(21,132	)		(25,180	)
Net income		44,905			50,065
Less: Net income attributable to noncontrolling interests		(2,714	)		(1,253	)
Net income attributable to CB&I	$	42,191		$	48,812
Net income attributable to CB&I per share:
Basic	$	0.43		$	0.52
Diluted	$	0.42		$	0.51
Weighted average shares outstanding:
Basic		98,728			94,769
Diluted		100,952			95,148

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES SEGMENT INFORMATION (in thousands)
	Three Months Ended
	March 31,				March 31,
	2010				2009
			% of				% of
NEW AWARDS*			Total				Total
CB&I Steel Plate Structures	$	187,430	33	%	$	321,275	53	%
CB&I Lummus		273,710	49	%		229,157	37	%
Lummus Technology		99,100	18	%		60,384	10	%
Total	$	560,240			$	610,816
			% of				% of
REVENUE			Total				Total
CB&I Steel Plate Structures	$	334,908	38	%	$	420,239	33	%
CB&I Lummus		466,102	54	%		795,433	61	%
Lummus Technology		68,314	8	%		80,260	6	%
Total	$	869,324			$	1,295,932
			% of				% of
INCOME FROM OPERATIONS			Revenue				Revenue
CB&I Steel Plate Structures	$	32,093	9.6	%	$	28,425	6.8	%
CB&I Lummus		19,288	4.1	%		34,422	4.3	%
Lummus Technology		17,140	25.1	%		17,496	21.8	%
Total	$	68,521	7.9	%	$	80,343	6.2	%
* New awards represents the value of new project commitments received by the company during a given period.

CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	March 31,			December 31,
	2010			2009
ASSETS
Current assets	$	1,127,477		$	1,195,578
Equity investments		131,813			132,258
Property and equipment, net		306,241			316,112
Goodwill and other intangibles, net		1,152,672			1,179,600
Other non-current assets		193,194			193,219
Total assets	$	2,911,397		$	3,016,767
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable	$	666		$	709
Current maturity of long-term debt		40,000			40,000
Other current liabilities		1,506,195			1,639,166
Long-term debt		80,000			80,000
Other non-current liabilities		343,156			359,602
Shareholders' equity		941,380			897,290
Total liabilities and shareholders' equity	$	2,911,397		$	3,016,767
CHICAGO BRIDGE & IRON COMPANY N.V. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS AND OTHER FINANCIAL DATA (in thousands)
	Three Months
	Ended March 31,
	2010			2009
CASH FLOWS
Cash flows from operating activities	$	16,846		$	(43,834	)
Cash flows from investing activities		(2,970	)		(16,646	)
Cash flows from financing activities		(3,121	)		63,968
Increase in cash and cash equivalents		10,755			3,488
Cash and cash equivalents, beginning of the year		326,000			88,221
Cash and cash equivalents, end of the period	$	336,755		$	91,709
OTHER FINANCIAL DATA
Decrease in receivables, net	$	44,956		$	67,248
Change in contracts in progress, net		9,408			(162,105	)
Decrease (increase) in non-current contract retentions		4,592			(384	)
Decrease in accounts payable		(92,949	)		(24,575	)
Change in contract capital	$	(33,993	)	$	(119,816	)
Depreciation and amortization expense	$	19,721		$	19,663
Capital expenditures	$	4,478		$	17,237
Backlog *	$	6,925,560		$	4,895,786

*	Backlog includes the value of new award commitments until work is performed and revenue is recognized or until cancellation.
	Backlog may also fluctuate with currency movements.

CONTACT:
CB&I
Jan Sieving, +1-832-513-1111 (Media)
Mark Coscio, +1-832-513-1200 (Investors)