UPDATE: Chicago Bridge & Iron Q4 Profit Beats Expectations, Shares Gain

Shares of Chicago Bridge & Iron Co. CBI surged over 3% in after-hours trading after the company reported better-than-expected earnings for the fourth quarter. Chicago Bridge & Iron posted quarterly earnings of $150.4 million, or $1.37 per share, compared to $1.80 per share, in the year-ago period. Excluding non-recurring items, the company earned $1.47 per share. Its revenue climbed to $3.37 billion from $3.00 billion, with new awards of $3.3 billion. However, analysts were estimating earnings of $1.44 per share on revenue of $3.43 billion. Gross profit, as percentage of sales, widened to 11.6% in the latest quarter, from 11.3% in the year-ago quarter. Cash from operating activities was $613.3 million for the quarter. "We are pleased to deliver another year of strong safety, operational and financial performance. Our new awards and backlog are at record levels, and our prospect list for 2015 supports our outlook for sustained earnings growth," said Philip K. Asherman, CB&I's President and Chief Executive Officer. Chicago Bridge & Iron now expects FY15 earnings of $5.55 to $6.05 per share, on revenue of $14.4 billion to $15.2 billion. Analysts had projected earnings of $5.63 per share on revenue of $14.35 billion. Chicago Bridge & Iron shares climbed 3.07% to $43.00 in after-hours trading.