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CB&I Books to the Future
By Stephen D. Simpson, CFA
April 28, 2005

Construction and engineering is an inherently "lumpy" business: Projects aren't booked and completed on smooth schedules, and there can be considerable quarter-to-quarter variations in revenue and profits.

With that in mind, investors shouldn't be overly concerned that Chicago Bridge & Iron (NYSE: CBI) posted ho-hum growth for the first quarter. Revenue climbed 8% in the quarter, and net income grew a like amount, with EPS ticking up from $0.15 to $0.16 for the March quarter. Business grew reasonably well in the North America and Europe/Africa/Middle East regions (18% and 14%, respectively), but fell off markedly in Asia and Latin America...
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