Chicago Bridge and Iron 3Q14 Earnings Call Notes

This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings. Full transcripts can be found at Seeking Alpha

Backlog is 75% US compared to only 20% 3 years ago

“The mix of new work was predominately in the U.S., which now represents over 75% of our backlog compared with 50% last year and less than 20% only 3 years ago.”

Example projects

“More specifically, significant awards during the quarter included front-end engineering and design for an LNG export terminal in North America, additional defined scope work for our LNG export terminals on the Gulf Coast, technology and engineering awards for polypropylene, gasification units and on-purpose polypropylene in a variety of locations, storage awards in the Middle East and Asia, decommissioning and demolition work in North America and a variety of pipe fabrication contracts throughout the globe.”

I power, continue to show acceleration in pace of gas to replace coal

“Turning to Power. Markets in the United States continued to show acceleration in the pace of gas-fired projects to replace coal plant retirements, renewed interest in nuclear generation as well as nuclear decommissioning work. Outside the United States, we continue to see opportunities in new nuclear build-outs in a range of geographies, but little near-term activity.’

Positive outlook for the government side

“I think we have a positive outlook for the government side. We shouldn’t see any retreat from current levels, so I think that run rate should continue into the fourth quarter. We don’t see anything that would tell us otherwise. ”