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Chicago Bridge & Iron NV (CBI) Philip K. Asherman on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 20, 2016 5:00 pm ET

Executives

W. Scott Lamb - Vice President-Investor Relations, Chicago Bridge & Iron Co. NV

Philip K. Asherman - President & Chief Executive Officer

Michael S. Taff - Chief Financial Officer & Executive Vice President

Analysts

Steven Michael Fisher - UBS Securities LLC

Andrew Kaplowitz - Citigroup Global Markets, Inc. (Broker)

John Bergstrom Rogers - D.A. Davidson & Co.

Michael S. Dudas - CRT Capital Group LLC

Jamie L. Cook - Credit Suisse Securities (NYSE:USA) LLC (Broker)

Jeffrey Y. Volshteyn - JPMorgan Securities LLC

Andrew John Wittmann - Robert W. Baird & Co., Inc. (Broker)

Jerry Revich - Goldman Sachs & Co.

Operator

Greetings and welcome to the CB&I First Quarter Earnings Conference Call. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Scott Lamb, Vice President, Investor Relations for CB&I. Thank you, Mr. Lamb. You may begin.

W. Scott Lamb - Vice President-Investor Relations, Chicago Bridge & Iron Co. NV

Thank you, Holly. Good afternoon, everyone, and welcome to the CB&I first quarter earnings call. Thank you for joining us today. This afternoon, you will hear from Phil Asherman, President and Chief Executive Officer; and Mike Taff, Executive VP and Chief Financial Officer. Phil and Mike will offer commentary on the results for the quarter and then we'll open up the lines for your questions.

Before beginning today's call, the company would like to caution you regarding forward-looking statements. Any statements made or discussed today that do not constitute or are not historical facts, particularly comments regarding the company's future plans and expected performance, are forward-looking statements that are based on assumptions the company believes are reasonable, but are subject to a range of uncertainties and risks that are summarized in the company's press release and our SEC filing. While forward-looking statements represent management's best current judgment as to what may occur in the future, the actual outcome or results may differ materially from what is expressed or implied in any such statements.

I'll now turn the call over to Phil.

Philip K. Asherman - President & Chief Executive Officer

Thank you, Scott. Good afternoon and thank you for joining us as we report Chicago Bridge & Iron's results for the first quarter of 2016. First, welcome to Scott Lamb as our new Head of Investor Relations. Many of you know him from his years with Foster Wheeler and more recently, Cameron International. Scott's a seasoned IR professional and he's a great addition to the team. I also want to thank Jaime Correal for his tremendous contribution to this role and congratulate him in assuming another important position within our Corporate Strategic Planning Group.

Now first, let me convey our thoughts and prayers to all of our neighbors in the Houston area that suffered through these past few days of storms of flooding. CB&I has nearly 4,000 employees in the area on projects and technology labs, fabrication plants, warehouses and offices. And I'm relieved to advise you that we have no reports of any significant impact to our employees other than some cases of being unable to get to work. Secondly, our major projects along the Gulf Coast or any of our operations in the Houston area experienced minimal disruption or damage due to flooding. We are, of course, monitoring the situation but believe the worst is behind us.

Now, as you know, I begin every call with a comment about safety. And we're very proud of maintaining our position as one of the safest companies in the world. We have the lowest lost time incident rate in the industry. 17 of our sites are without a loss time accident. 26 of our sites have worked over 1 million man-hours without an injury. And 50 sites have over a quarter million man-hours without a recordable injury.