Companies & Finance

CB&I shares drop to eight-year low

The value of shares in Chicago Bridge & Iron fell to an eight-year low after it reported a huge drop in profits this week.
By Staff reporter 11 August 2017 0 27161

The value of shares in energy infrastructure company Chicago Bridge & Iron (CBI) fell to an eight-year low after it reported a huge drop in profits this week.

Revenues at CBI’s engineering and construction operating group amounted to $702.2 million in Q2 2017 compared with $1.5 billion for the same quarter last year.

The decline resulted from the winding down of a large cost-reimbursable LNG project in the Asia Pacific region and from lower revenue on two US LNG developments.

Cost increases were attributed to two gas turbine...