KBR announced Wednesday that first quarter 2011 net income attributable to KBR was $105 million, or $0.69 per diluted share, compared to net income attributable to KBR of $46 million, or $0.29 per diluted share, in the first quarter of 2010.
Consolidated revenue in the first quarter was $2.3 billion compared to $2.6 billion in the first quarter of 2010; however, operating income was $144 million compared to $99 million in the prior year first quarter.
Hydrocarbons business group revenue and business unit income was $1.0 billion and $99 million, up 14% and 30%, respectively, compared to the first quarter of 2010. Infrastructure, Government, and Power (IGP) business group revenue in the first quarter was $855 million, which included an expected reduction of $422 million compared to the prior year first quarter related to reduced activity on the LogCAP contract. IGP business unit income was $61 million in the first quarter, up 33% compared to the prior year first quarter. Services revenue and business unit income in the first quarter was $397 million and $13 million, down 4% and 38%, respectively, compared to the first quarter of 2010.
“ I continue to be very pleased with KBR’s execution across our businesses this quarter, resulting in solid earnings per share, strong cash generation from operations, and an increase of 4% in the profitability of our backlog from the sequential quarter,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “KBR also recently announced several strategic awards reinforcing our view that KBR’s end markets, particularly those in North America, continue to strengthen. ”
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Source: KBR, April 28, 2011;