KBR Announces Fourth Quarter and Fiscal 2022 Financial Results

KBR, Inc. today announced its fourth quarter and fiscal 2022 financial results and issued its fiscal 2023 financial guidance.
“We had an excellent 2022 and finished the year strong. Our incredible people do things that matter every single day, and I wish to thank them for all that they do. Once again they delivered outstanding results across all key metrics. Our safety performance was another highlight achieving Zero Harm 91% of all days throughout 2022,” said Stuart Bradie, KBR President and CEO.

“We saw organic revenue growth in line with our targets, but the real story was quality of earnings, outstanding operational performance leading to enhanced margins and cash conversion above expectations. We have been carbon neutral since 2019 and continue to make good progress on our 2030 operational net-zero carbon target. We also strengthened unique synergies across our business that enable us to seamlessly deploy our deep domain expertise and differentiated innovations and capabilities in key areas of global importance such as national security, energy security and transition, and space. As a result, we are well positioned in strategic end markets with favorable tailwinds. In 2022, we had annual bookings and options of $8.2 billion and move into 2023 with 70%+ of work already under contract. Sustainable Technology Solutions is significantly ahead of pace, and this is expected to continue into next year and beyond.

Looking ahead, we believe we are primed to continue driving growth and stakeholder value, with ever-growing confidence in our 2025 targets, and we are pleased to announce our fiscal 2023 earnings and cash guidance.”

Financial Highlights for the Quarter Ended December 31, 2022

• Revenue of $1.6 billion, up 23% on an ex-OAW¹ year-over-year-basis 
• Net income attributable to KBR of $93 million; Adjusted EBITDA¹ of $157 million (10% Adjusted EBITDA¹ margin)
• Diluted EPS of $0.62; Adjusted EPS¹ of $0.69, up 60% on an ex-OAW¹ year-over-year basis
• Operating cash flows of $60 million; Adjusted operating cash flows¹ of $88 million
• Bookings and options of $1.5 billion during the quarter with 1.2x TTM book-to-bill²

Financial Highlights for the Year Ended December 31, 2022

• Revenue of $6.6 billion, up 9% on an ex-OAW¹ year-over-year-basis
• Net income attributable to KBR of $190 million; Adjusted EBITDA¹ $668 million (10% Adjusted EBITDA¹ margin)
• Diluted EPS of $1.26; Adjusted EPS¹ of $2.71, up 28% on an ex-OAW¹ year-over-year basis
• Operating cash flows of $396 million; Adjusted operating cash flows¹ of $424 million with 110% Adjusted operating cash flow¹ conversion
• Bookings and options of $8.2 billion during the year with 1.2x TTM book-to-bill

New Business Awards
Backlog and options for the quarter totaled $19.8 billion. Delivered 1.2x trailing-twelve-months book-to-bill1 as of December 31, 2022, including $1.5 billion of awards and options in the quarter, as follows:

Won two contracts totaling over $120 million to support strategic space system acquisitions through advanced analytics, modeling, estimation, research, integrated program management, acquisition technical assistance, architecture trade studies, data science, and data management.
Granted a $157 million task order to support capabilities assessment and enhancements for the U.S. Army’s Utility Helicopter 60 Variant fleet.
Received a $69 million task order to deliver critical airborne manned reconnaissance aircraft systems for the Naval Surface Warfare Center Crane and the Naval Air Systems Command.
Partnered with Deepak Fertilizers and Petrochemicals Corporation Ltd. to help lower emissions and increase production capacity at three plants.
Engaged to provide front-end engineering design of the baseload power hub for an innovative energy storage project off the coast of the Netherlands.
Proprietary Vinyl Acetate Monomer technology, offered in alliance with Showa Denko K.K., selected for a 100,00 ton per annum production facility in India.

In addition, the Court of Federal Claims upheld the Global Household Goods contract award to our joint venture, HomeSafe Alliance, by U.S. Transportation Command with a contract ceiling value of $20 billion and a potential nine-year term, inclusive of all options periods. HomeSafe Alliance is proceeding with work under the contract; however, at this time, only the transition period has been included in backlog.

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