KBR Announces Earnings Per Diluted Share Of $0.60 For Fourth Quarter 2011 And $3.16 For Full Year 2011

KBR (NYSE:KBR) announced today that fourth quarter 2011 net income attributable to KBR was $90 million, or $0.60 per diluted share, compared to net income attributable to KBR of $78 million, or $0.51 per diluted share, in the fourth quarter of 2010.

Consolidated revenue in the fourth quarter was $2.1 billion compared to $2.3 billion in the fourth quarter of 2010. Operating income was $136 million compared to $148 million in the prior year fourth quarter. Fourth quarter operating income, when compared to the prior year fourth quarter, was negatively impacted by approximately $25 million in cost and schedule issues on three legacy projects at Roberts & Schaefer and lower profits in Downstream, Oil and Gas, and Services.

Hydrocarbons revenue and income was $989 million and $99 million, down 7% and 14%, respectively, compared to the fourth quarter of 2010. Infrastructure, Government, and Power (IGP) revenue in the fourth quarter was $707 million, down $138 million compared to the prior year fourth quarter. The fourth quarter of 2011 included an expected revenue reduction of $222 million, compared to the prior year fourth quarter, related to reduced activity on the LogCAP contracts. IGP income was $55 million in the fourth quarter, up $17 million or 45%, compared to the prior year fourth quarter. Services revenue and income in the fourth quarter was $378 million and $15 million, down 7% and 50%, respectively, compared to the fourth quarter of 2010.

“2011 was another solid year for KBR with consistent execution and operating performance across our businesses. This resulted in strong cash generation of $650 million from operations and a year-end cash balance of almost a billion dollars,” said Bill Utt, Chairman, President, and Chief Executive Officer of KBR. “The strong balance sheet, execution momentum, and a robust prospect portfolio aligns KBR for continued success in 2012 and beyond.”