KBR Q4 Net Income Drops
KBR said its net income was $27 million in the fourth quarter of 2013, compared to net income of $30 million in the fourth quarter of 2012. The company reported a net income of $229 million in fiscal year 2013, compared with net income of $144 million in fiscal year 2012.
Consolidated revenue in the fourth quarter of 2013 was $1.7 billion compared with $1.8 billion in the fourth quarter of 2012. Gross profit in the fourth quarter of 2013 was $84 million compared to gross profit of $60 million in the prior year fourth quarter.
“The fourth quarter was highlighted by a strong 1.1x book-to-bill ratio and cash flow from operations of $209 million. We’re also pleased our Board of Directors has authorized a new $350 million share repurchase program,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “However, earnings for the quarter were significantly less than anticipated. Looking forward, opportunities across all of our business segments remain strong and we believe that we are well positioned to win and execute a significant portion of this work. We continue to pursue several mega LNG prospects but do not expect final investment decisions from our customers until 2015.”
LNG World News Staff, February 28, 2014; Image: KBR