Chicago Bridge & Iron stock
Before finishing our analysis of Chicago Bridge & Iron Company (CBI), let’s have a look at the performance of its stock since the beginning of 2017.
As of November 24, 2017, CBI stock has fallen 51% YTD (year-to-date). Since the release of its 4Q16 and fiscal 2016 earnings results on March 1, 2017, the stock has fallen due to an earnings miss and a fall in profits.
Peer performances in 2017
Fluor (FLR) has fallen 10.7% YTD as of November 24, 2017. KBR (KBR) has risen 9.4%, and BWX Technologies (BWXT) has risen 53.7% for the same period. The company with remarkable gains is Jacobs Engineering Group (JEC), whose stock has risen 122% YTD. It rose 103% during the intraday session on February 15, 2017, due to a spike in trading volume. Among the ETFs, the Industrial Select Sector SPDR ETF (XLI) has risen 14.7%.
In 3Q17, CBI discontinued operations of its Technology group and intends to sell the business by the end of fiscal 2017. Its cost-reduction program is expected to progress significantly.
According to Patrick K. Mullen, president and CEO (chief executive officer) of CBI, “Our cost reduction program is on track, with a positive impact on our financial performance already apparent.”
The company has a significant pipeline and anticipates a strong 4Q17 and first half of 2018.