Chicago Bridge & Iron 1st-quarter profit up 15 percent, but misses expectations on costs THE WOODLANDS, Texas (AP) -- Chicago Bridge & Iron Co. said Wednesday its first-quarter profit rose 15 percent year-over-year but failed to meet Wall Street expectations, as escalating material and commodity costs offset revenue growth.
shares are falling as much as 16% in early trade.
But I remain confident on its business going forward.
"We are confident in our full-year forecast and in the continuing level of capital expenditures in the global energy market although challenges on projects related to labor productivity and escalating material and commodity prices have impacted the quarters results," said Philip K. Asherman, President and CEO.
Wall Street has predicted full-year profit of $2.63 per share on revenue of $6.18 billion.
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$44.0 (04/30/08)
