KBR revenue climbs in Q1

Houston-based LNG engineer KBR posted a rise of 11 percent in its revenue in the first quarter of this year

Consolidated revenue in the first quarter was $1.1 billion compared to $996 million in the first quarter of 2016.

KBR’s net income in the quarter under review was $37 million or $0.26 per diluted share compared to net income of $42 million or $0.30 per diluted share in the year before.

Revenue in the first quarter increased from the same period a year ago driven by the recent acquisitions in the Government Services segment and organic growth from contracts with the U.S. Military, KBR said in its statement.

“Net income attributable to KBR reflects strong performance across all segments despite lower equity earnings from an LNG project joint venture in Australia (Ichthys), which is timing related,” it added.

Gross profit improved to $82 million from $68 million in the prior year quarter, at 7.4% of revenues.

This improvement was driven by improved project execution in the Engineering & Construction (E&C) segment.

Equity in earnings decreased to $9 million from $29 million in the prior year quarter, driven by a lower percentage of completion adjustment on the Ichthys project through the company’s Ichthys JV, KBR said.