Why Chicago Bridge & Iron Company N.V. (CBI) Stock Is Plunging Today

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Chicago Bridge & Iron Company N.V. (NYSE: CBI ) stock was hit hard on Thursday following the release of its earnings report for the second quarter of 2017.

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Chicago Bridge & Iron Company N.V. reported revenue of $1.28 billion during the second quarter of 2017. This is a sharp drop from its revenue of $2.16 billion from the same time last year. It also hurt CBI stock by coming in well below Wall Street's revenue estimate of $2.47 billion for the quarter.

During the second quarter of the year, Chicago Bridge & Iron Company N.V. reported losses per share of $4.22. This is a major decrease compared to its earnings per share of $1.17 for the second quarter of 2016. It also didn't come anywhere near close to analysts' earnings per share estimate of 88 cents.

Chicago Bridge & Iron Company N.V. also reported a net loss of $425.42 million in its second quarter of 2017. This is down from its net income of $123.84 million in the second quarter of the previous year.

Chicago Bridge & Iron Company N.V. also updated its guidance for 2017 to reflect its most recent quarter. It is now expecting losses per share to range from $2.98 to $2.73 on revenue between $6.81 billion to $7.11 billion. Wall Street is looking for earnings per share of $2.85 on revenue of $8.44 billion in 2017.

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CBI stock also wasn't helped today by the energy company's decision to suspend its quarterly dividend. It says that this will result in annual cash savings ranging from $28 million to $30 million.

CBI stock was down 32% as of Thursday morning and is down 65% year-to-date.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

The post Why Chicago Bridge & Iron Company N.V. (CBI) Stock Is Plunging Today appeared first on InvestorPlace .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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