Wed, Jul 24, 2:31 PM (45 days ago)
KBR, Inc. reported a strong financial performance for the quarter ending June 28, 2024. Revenues increased by 6% year-over-year to $1.86 billion, driven by growth in high-end defense engineering, classified intelligence, and international programs within the Government Solutions segment, as well as increased technology sales and engineering services in the Sustainable Technology Solutions segment. Gross profit rose by 8% to $271 million, supported by these revenue gains. Operating income surged to $181 million, a significant improvement from $10 million in the same period last year, largely due to the absence of a $144 million legal settlement charge recorded in the prior year. Equity earnings from unconsolidated affiliates also contributed positively, increasing by $17 million. Net income attributable to KBR was $106 million, reversing a loss of $351 million from the previous year, translating to $0.79 per diluted share. The effective tax rate for the quarter was 27%, influenced by the rate differential on foreign earnings and state and local taxes. The company's backlog stood at $16.8 billion, with 38% expected to be executed within one year. KBR's liquidity remains strong with $414 million in cash and cash equivalents and continued access to its Senior Credit Facility. The company remains well-positioned for future growth, supported by strong demand in its core markets and strategic acquisitions.