Read the earnings report. What do you find?
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Chicago Bridge & Iron was a great place to work. I am saddened by what has happened to it, by what is happening to it.
C'est la vie.
Lot of people worried after this last quarters surprises. You can see it on their faces, hear it in their voices. Lots of cbi people are looking for new jobs. Not a lot of jobs out there. Maybe there's a good way to handle problems like ours. Not this way. If you lost staff or colleagues 6 weeks ago your job got harder. But those were the easy cuts, the "fat", jobs that were not key to sales or execution. Jobs that could be moved to India. Deeper cuts are coming, other people will walk. Jobs will get harder. Things will get f---ed up. Cms won't fix this. If you liked cbi and it's people and culture, you won't for long.
When forced to tell the truth here the answer to the layoff question is not "maybe we will, maybe we won't." Some will be laid off now, the rest will go when we go bankrupt.
Gloom and doom! If you can't sale and execute projects you are doomed. CB&I is doomed!
Selling does not mean giving away the farm either.
Missed on bottom line income. Missed bad on sales so that there is no way we could have met income targets even by laying off more.
Cash is dropping. Market is pricing in bankruptcy risk now.
Page 22 says there will be layoffs in the fourth quarter of 2017. The veil is lifted.
They don't want you to read the earnings report (10-Q). There was a post here yesterday that satirized the report and asked some tough questions. clearly the company complained and had it taken down. the company knows that most employees aren't going to read the report.
There are a lot of details in that report including that the company has had to pledge all of its assets as collateral to secure their senior facilities - see bullet one on page 24. They had to assign the lease to the Derby office and sell the associated laydown yard per the terms of the eighth amendment to their loan covenants - see exhibit 10.7 section 1 on page 2. Read page 22, 24, 25, and the last paragraph on page 32. page 41 on the gas turbine projects. page 44 paragraph two shows the decline in revenue while paragraph three shows the decline in revenue for the technology group. do the math. they are asking potential buyers of the technology group and ep to pay more for a business unit than the market cap of the entire company - while revenues are declining. read about the credit facilities on page 46 and 47 and look at the line items for debt on the balance sheet. compare it to last quarter and the 10-Q from a year ago.