KBR Announces Second Quarter 2014 Financial Results
– Strong bookings in Hydrocarbons and IGP segments
– Continued strong operational performance in Gas Monetization and Hydrocarbons business segments
– Cash and cash equivalents of $1 billion at June 30, 2014
KBR, Inc. (NYSE: KBR), a global engineering, construction and services company supporting the energy, hydrocarbons, power, industrial, civil infrastructure, minerals, government services and commercial markets, announced today its second quarter 2014 financial results.
Net loss attributable to KBR was $8 million, or $0.06 per diluted share, compared to net income attributable to KBR of $90 million, or $0.61 per diluted share, in the second quarter of 2013. Consolidated revenue in the second quarter of 2014 was $1.7 billion compared with $2.0 billion in the second quarter of 2013.
“While our second quarter consolidated results improved sequentially, they remain well below our expectations and reflect ongoing losses in our Canadian pipe fabrication and module assembly business,” said Stuart Bradie, President and Chief Executive Officer of KBR, Inc. “However, we delivered significantly improved overall bookings, particularly in our Hydrocarbons and Infrastructure, Government and Power segments and our Gas Monetization and Hydrocarbons segments continue to perform well. Looking forward, we have a number of good Engineering, Procurement and Construction prospects in our Gas Monetization and Hydrocarbons segments, especially in North America. Fundamentally, KBR remains a strong, global company with talented people and a diverse portfolio of businesses and technical capabilities. Our goal is to deliver safe, best-in-class operational performance, improved cash management and efficient capital allocation.”