Chicago Bridge & Iron Company (CBI) will report earnings after the market closes on Wednesday, February 23.
CBI is expected to earn $0.68 for its 4th quarter. Top Equity News expects the engineering, procurement, and construction company to announce earnings that will beat investors’ and analysts’ expectations. The TEN estimate is $0.72 cents – or a 4 cent upside surprise.
Managing estimates is a strength for Chicago Bridge as they have beat expectations 11 of their last 13 quarters. CBI hit the target the other two times, 13 in a row without a miss. Following their quarterly check-up, Chicago’s stock has rallied eight of the thirteen reports.
More often than not, investors made nearly 10% or more when Wall Street likes CBI’s profit report. With a strong announcement and upbeat guidance, TEN thinks Chicago Bridge can do it again.
It would be TEN’s preference to add the stock a few dollars cheaper. Top Equity would like to buy shares close to support at $41. That means the stock has to take off more than $2 from Wednesday’s close of $43.47.
From there, solid earnings can push the stock to upper level resistance at $45.
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